I used to do a lot of shooting with my Canon 5D. I had thousands of dollars in various lenses, plus some specialized flashes, etc. It took great pictures, but all that gear was bulky and heavy.

99% of the time I wasn't taking pictures with the intent of blowing them up to poster-size prints, or selling them to major publications. I was just taking pictures to document and share elements of day to day life.

(You probably see where this is going).

Smartphone cameras have kept up well enough with most consumer needs that it would be really hard to justify carrying a dedicated camera. Further, that camera would need to have all of the features of a smart phone camera (eg: filters, touchscreen, lightweight editing, etc. As you also pointed out) that it makes it unlikely to exist in a practical manner.

I will say I'm slightly surprised we haven't see an external "lens and sensor only" gadget that pairs with a phone. Use this gadget to capture a better raw image, and then use the phone to do everything else. Could be a USB/cable tether, or even some form of wireless (bluetooth is probably too slow though?).

tl;dr - I'm not carrying a dedicated camera around, no matter how much better the images might be.