A large part of this is also app development. App developers want as many peo0le as possible to use their apps, so they're designed to work on phones that cost a hundred bucks new when they were sold on 2018.
PCs run into this with lots of things too, but one huge difference is the multitasking experience. I have a big-ass folding phone, but the multitasking experience still sucks, most because the phone is just a bad format for the kind of workflows that necessitate multitasking.
If I'm working in multiple windows, I need a keyboard and mouse. Yeah, I can have firefox open on one half of the screen and Outlook in the other on my phone, but it's still the mobile version of both apps, and any time I want to type something half the screen becomes a keyboard.
So I don't really have a need for a powerful phone. It's a content consumption and communication device, both of which don't need much horsepower.