in home cinema someone said spec me a 55" tv for £400. and i said that any tv of that size and price new would be garbage and i was told that wasn't true. but it is. it wouldn't do 10 bit HDR, likely have a terrible panel with bleed, blooming, DSE, all sorts of issues. crappy electronics and poor smart offerings.
sure a £400 tv can still display a picture but it's not the same thing.
tv's go up to £100K though. 98inch OLED's for example. there are a lot more people buying flagship phones than there are flagship tv's because it's pay monthly. when you package something as pay monthly then people will spend more.
also phones nowadays are pretty much a status symbol for this generation and the sheep. they use them everyday so to them £60 a month is nothing. tbh they spend £100 a month on their sky packages so in keeping with that it's probably a fair price.
i'll never spend more than £300 on a phone and i'll stick to stuff like samsung A70 or second hand. i tried cheap chinese phones and their software sucked. a lot of the obscure apps i use weren't compatible.