And the stereo speaker. And a larger battery.
With an adapter, Lightning can do everything a 3- or 4-conductor analog jack can do. In addition to this, it can power headphone circuitry for features such as noise cancellation, custom DACs, audio shaping, and anything else anyone dreams up in the future. It also supports lossless digital audio. It supports multi-channel surround sound, up to 5.1 channels.
If you don't want any of that, fine. If you think those are rare use cases, I agree. If you think it's a bad trade-off, okay. But to say it's not superior technology? It clearly is.