And there isn't really just one thing that gets outdated on phones. You usually want a better screen, better camera, better CPU, more ram, new battery. And at that point why swap each one individually vs just buying a new phone. I guess you save on the metal case?
I can't help but notice that you don't mention the part that makes it a phone (e.g. the 2G/5G/Wifi modem chip). Maybe one should actually sell those as cartridges... Nevermind, that would be a PC-Card.
Could you attach faster storage if the underlying hardware its plugged into isn't changing. I guess you could but I don't have a lot of experience in that area.
People built cartridges which stream game footage from a PC to the gameboy and relay the inputs back to the PC to "play" GTA 5 on an original gameboy. https://www.youtube.com/watch?v=pX1opw_gsBs
Normally we'd have the firmware loaded from elsewhere on system boot at the cost of a few hundred miliseconds, but for the current project we need a much larger firmware and the bootup time is prohibitive. So we've ended up with a three-way partition of functionality. A "standard library" of mature functions in ROM, an application-specific set of medium maturity functions in OTP (one time programmable) which can be changed without needing an expensive metal layer respin, and finally the actual application in RAM.