The once technological leaps are fewer and farther between.
There is only so much that can be done with the current technology.
Fingerprint scanners, flashing rings around the camera lens, heart rate sensors, curved screens, customizable backs, etc. all just bells and whistles to make up for a lack of real substance.
I saw an interesting video by MKB where he shares his thoughts of the perfect phone....the funny thing was he took various aspects of existing phones and technology to create this "perfect phone". The funny part? Well, he didn't introduce or suggest anything outside of what we already know and use. In other words, we can't even conceive of new technologies....Maybe indestructible, self healing screens, nan coatings to allow charging from the heat of your hand, a single clear piece of glass with projection technology (when turned on you activate your homepage....) are next?
So I think until that next really, truly big thing most of us will (possibly) simply be less enamored.
The G3 may in fact be the phone that I keep the longest simply because there isn't any other phone that does anything significantly better.
We had all been waiting for the One+, S5, iPhone6, MotoX, Nexus 6, Note 4.....well they're here and nothing really earth shattering with any of them.
I digress, going back to the Op's original thought; I can appreciate what he is saying.