There are multiple issues that I think need urgent regulatory attention, and the issue classes are valid for both "classic" IoT devices and phones:
1. Manufacturers often do not state anything about support: availability of spare parts, feature updates, security updates. Even those that do, like Google's Pixel lineup, have ridiculously short times, and "enterprise" devices like my Samsung Galaxy Tab Active 3 that's 2.5 years old don't have spare screens available any more. I bought an "enterprise" device in the hope that it would have a better supply chain than consumer devices, but I was mistaken.
2. Many devices with batteries are sold without the ability to easily replace them or without officially sanctioned spare parts, which causes a risk of people running devices with swollen or otherwise damaged batteries, or devices living way shorter than they could be because batteries can and do simply lose capacity.
3. Many devices are completely locked down. This is particularly relevant for SSL root certificates whose expiry leads to devices being bricked, or for people who simply would like to enjoy the freedoms of the GPL and other FOSS licenses but can't because custom firmware can't be installed at all (due to Secure Boot) or permanently bricks features out of DRM concerns (e.g. Samsung Knox, Netflix, banking and many other apps that refuse to run on rooted or otherwise modified devices).
4. Many devices' BSPs (board support packages) are littered with ridiculously old forks of stuff like bootloaders, the Linux kernel or other userland software, and the chip/BSP vendors and manufacturers don't give a fuck about upstreaming their changes or code quality is so bad it cannot be reasonably upstreamed.