Using more fancy encoding, 4k should be no problem, even with a bit of headroom for on-device encoding and low latency.
Considering the cheapest of desktop/laptop CPUs and iGPUs are more powerful than the best mobile CPUs and GPUs, this is a problem with the encoders and video chat software involved.
That might seem unfair, but many people replace their phones far more frequently than their computers.
Smartphones cameras are not USB2, they are, I think, directly connected to a powerful SoC. The USB2 link is for sending data to the computer after the smartphone has processed it with all the might of its main processor.
Webcams need to be very near real-time to be useful. That severely limits what kinds of compression you can use on the video stream.
Steam in-home streaming needs to be realtime too, but is very playable, and most people aren't realistically getting 480mbps out of their wifi.
4k I don't know... 1080p no problem.
Don't most phones have dedicated hardware video encoders on their SoC now anyway?
https://devstreaming-cdn.apple.com/videos/wwdc/2016/722x2eef...
Still, good webcams use USB 3.0 and no chroma subsampling, to avoid recompression and enable certain tricks. I hope the YUV 4:4:4 mode will be supported in this, for those who have the speed and want chromakeys/non-blurry reds.
It should be possible to have DisplayPort output but with USB2 data. In fact, we know it is possible because the iPhone 15 does it. It has USB2 data speeds but 4K Displayport.