You are correct. I admit that I’m in the minority and that Apple is just responding to the overwhelming demand for big phones, especially in markets like Asia where the phone is the primary computer. I’m atypical in that I use my iPad and Mac at home and only use my phone when I’m out and about. I don't need an all-in-one phablet, just a portable device that's easy to slip in my pocket and use one handed. Still, I’m not the only one who feels this way...
Mobile devices have become the new TV, where previously it was too expensive to own more than one, the price drops then there is one in the kitchen, bedroom, etc.
Mobile devices while some got expensive others cheap, family members started handing these devices down or selling on the second hand market. Eventually saturation and the devices are still capable to perform their core functions.
I like you have too many devices.