Chromatic aberration can be good enough with doublet lens design and Petzval is largely solved by the final field flattener usually with multiple concave and convex sections, and you can still easily fit a large number of lenses in a small formfactor.
Additionally being able to adjust the power of a lens is not a huge gamechanger, as a lot of the complexity with modern optic design is to counter various defects and distortion like aforementioned Petzval.
Rather, the fundamental limit is the sensor size. It's just not practical to achieve much better image quality with a physically small system