People already buy new phones every year, this just creates even more reason to do so
If I compare the Pixel 6 Pro I'm using at the moment to current models, they are functionally identical. The only reason to upgrade might be getting a fresh battery and access to firmware updates.
Otherwise I'd be happy to continue using it for the next 10 years.
I swear a midrange Chinese phone from 2017 would be enough for me in 2026 to read HN/Whatsapp and some Youtube.