Using a faster processor, brighter display, and a better camera is not innovation. You can use the best hardware on the market, but if the software and user interface is mediocre, then what you have is a mediocre device. Like I said, what makes it noteworthy and not a mediocre device is more to do with how innovative the OnePlus software is.
Furthermore, Samsung will answer with the Z Fold 6 and both Google and OnePlus will have to catch up again. Then both Google and OnePlus (and possibly Apple) will answer back. Eventually, one of them will introduce a whole new type of device and start the cycle all over again (probably not Apple).
This cycle has been going on since the first digital computers were designed over 60 years ago.