While the cameras on phones are getting better all the time, the two things that really threaten the "real camera" market are computational photography and that photos, these days, are only shared on social media and almost never printed. As Tim Bray points out in this piece the "straight off the camera RAW" (converted to DNG and then to JPG, which has a host of default decisions being made) compared to what processing and decisions are happening on a phone makes for photos that look very good, if not better than those taken with "real" cameras, when posted online. Now try that experiment again but with the final output being 16x20 inch prints and see which one is better.
Another caveat is that the operator of the camera can make more difference than the camera: the average smartphone user will take worse photos with a Nikon Z9 and 35mm f/1.2 lens than pretty much any professional wedding photographer with that average smartphone user's phone. Knowing how to compose a photo and pose your subjects is an art and skill that goes beyond just having a nice camera for recording the scene.