Since there is no iPhone 11S, you could say the 12 is an S for guts while a change to the body design language for everything else. The form factor has remained the same since the 6/X, with a few revisions. The design language was laid out for us with the iPad Pro, so in a way they re spreding the design language, as aposed to reinstating the iPhone 4. Sure the net result is the same, but the angle of attack is different.
While a studio photographer wouldn't considerer the current specs for the iPhone. Part of the appeal is it's lightness and rugged design. This is a lot like the GoPro on the run instead of a DSLR. You take the tools you need for the job, not specifically because of marketing.