That phone does an infinity more than a console. Most people also use a phone like 5 - 7 hours a day compared to an hour or two a week on a console. And take and show it everywhere, from work to social situations.
There’s a big difference between showing the latest iPhone / Samsung or having a janky ass Chinese crap phone, in these situations.
Nobody cares if you have a Switch, a PS4 or the latest PC gaming rig at home.
And phones have seriously intruded on console territory as a gaming platform. Start creeping out of the generally accepted price range for consoles and games, and they’ll find themselves relegated to niche category behind smartphones and PCs for gaming.