It is a camera phone. How exactly would you redesign it?
How did Apple choose to redefine the smart phone with the iPhone in the first place? They looked at where the best in brand were failing and they designed and engineered an innovative product.
They need to look at what the other manufacturers are doing to respond to the iPhone and see what works and what doesn’t to change up the form factor. Foldable devices are a great start—I’ve played with some of the better ones and while they aren’t what I’d want to use, the sales are happening for them.