100% agree. Game consoles are entertainment, but our lives are run through our smartphone. It tracks our location, is required by many employers so you can run job-related apps, supports multiple financial activities like banking, investing, and payments, and acts as the primary 2FA device for many folks. Comparing the capabilities of the hardware is beside the point: it's about the scope of the intended/expected usage.
The point is that folks expect to use their smartphones for a vast array of tasks, and they are _expected_ to use their smartphones for these tasks (by family, employers, friends, merchants, etc.) This is a social problem much more than a technical one, as I see it.