Yup, exactly this, and it's been like that for quite some time now. Phones have been great for some time now, with the exception of some persisting issues like faster software updates across the board, and even midrange phones are more than capable. Just like most people mentioned already it's really the camera, right placement of the finger print scanner, and the stereo speakers.
True that it "seems" like you don't need an upgrade year after year. We are at a point where upgrades should be meaningful and justified : I don't just upgrade because there's a new gadget in town, I upgrade because there is something in particular that I would like to include in my day-to-day life and work that I think should be beneficial. It could be the stereo speakers, it could be that you want the best camera or the design, or the expandable storage, headphone jack and so on. I feel like this phone is complete. It has everything à phone can have cause before the only thing missing was stereo speakers and telephoto lens... Now it's just perfect.