Apple gives good trade-in values as well. If you have a 13 Pro Max and upgrade to a 14 Pro Max ($1099 base price), it's only $529 after trade-in. However, that's $45/mo you're paying for a phone. Not unreasonable, but a lot of money.

If you're a techy and want the latest and greatest all the time, then that price is probably worth it to you. But for the average consumer, that just doesn't make sense. The difference in SOC is only about 10% faster (according to geekbench) .

With how good Apple is at re-using their technology, quite some time. You see the camera modules re-used in multiple devices, the processors handed down from iPhone to iPad to Apple TV to HomePod. etc.

Plus, they are clearly still selling a lot of units each year. With less physical changes, they don't have to re-tool all of their manufacturing each year.

With less changes comes more efficiency and reduced costs, which means while less units may sell, they probably make more per unit sold.

I'm on a 12 Pro, I'll probably go to the 15 if it has USB-C. That's a big selling feature for me.

My wife was on the 11 and went to the 14.

Granted both of us do care about improved cameras on the phone because that's a big feature for us.

We've long since passed the high-speed innovation phase in phones. Until there is something drastic that changes in the technology available to mobile devices, we'll continue to see "boring" yearly revisions—slightly better camera, sensors, screen, etc.

There is not reason anyone to upgrade every year, with the exception of a very small minority. Even an every-other year upgrade cycle and probably be pushed to every 3 years, without being too far behind the curve.