10x faster and more capable at what? The tech in phones might be progressing but the use cases aren't. What most people do on their phones now is the same as they did 10 years ago. Eventually people will realise they don't need more speed, and the focus will switch to things like power effeciency and weight. Just like laptops.
Mostly photography gets noticeably better, but I still hope that at some point "convergence" becomes good enough. It has been tried again and again but always fell short due being not quite good or easy or convenient enough (getting docks, cables etc.). With usb-c/usb4 as a single connection and "good enough" processing and storage maybe in a few years?
Not quite, new phones still go for higher performance as well as stronger power saving. That's because they do need to consume high end media - decode and encode high resolution video, perhaps play games, run complex algorithms to handle camera pictures. This has some obvious limits but we're not close to them.
The most power hungry component is the display... The technology there has not kept up, in fact they grow bigger and consume more power.
But 10x faster (or capable) and 2x the cost? That's not outrageous. BTW that's where we currently are.