Annual smartphone releases stopped making sense years ago. The hardware delta between an iPhone 14 and an iPhone 15 is rounding error. Most of the headline ‘new’ software features could ship to last year’s device and frequently do once the launch news cycle is over.
A five-year cadence would force manufacturers to actually advance the platform between releases instead of repackaging the camera bump. It would stop the accessory churn, cut the e-waste, and stop punishing customers who are perfectly content with the phone they have. Pair it with a legal requirement that devices accept open software once the vendor stops shipping updates and you would extend useful life by another five years on top.
The current cycle exists because it suits Apple, Samsung, and Google. It does not suit anyone else.