When the iPhone 14 series launched in the U.S.,
Apple promoted eSIMs as being more secure than a physical SIM since they cannot be removed from an iPhone that is lost or stolen. Apple added that up to eight eSIMs can be managed in the iPhone's Settings app, eliminating the need to obtain, carry, and swap physical SIM cards while traveling. iPhone 13 and newer models can have two eSIMs active at the same time.
With eSIM availability expanding, the SIM card tray might eventually be removed from iPhones sold outside of the U.S., but for now it lives another year.