Another strategy is that they can compete with price. Consumers can always buy a case and a strap to house their smartphone in, but if you're filming sports there's a quite high risk to destroy the phone. The price of GoPro-style video cameras will go down over time (if they won't constantly add new features in), but the cost of phones will probably stay high in the future.
Consumers will likely choose the $79 camera instead of risking their $500 phone to film sports.