The iPhone 16 still got a much less versatile camera system that was crippled by Apple on purpose to differentiate between the Pro and the regular models: The similarly priced 15 Pro from last year still offers twice the amount of focal length equivalents compared to the 16. The 16 is missing the 28mm, the 35mm, and of course the 77mm/120mm focal lengths.
In the real world very few users care about a "better cooling system" or a better SoC, most users have no idea whether their device is powered by a Qualcomm SoC, Exynos, or even that Apple designs their own. There is no faster wired charging either, this was tested and proven to be a wrong rumor by now. (Ok, there is faster wireless charging.)
And please try to find a single iPhone user in the world who knows or cares about whether their iPhone supports Wifi 7. Most people use whatever Wifi their cheap ISP provided routers come with.
What users are more likely to notice is an additional zoom lens or a smoother UI in 120Hz. And for people who want to use the Pro features like Proraw, log video, the older 15 Pro still offers all that and was available with solid carrier promotions for the last few weeks.
As a 13 Pro Max owner the 16 Pro Max is a MASSIVE Upgrade.
Yet the number one massive upgrade you cite is an increase in display size from 6.7" to 6.9" immediately followed by a clock speed increase of the memory, that's really creative I'll give you that. Filming 4k at 120fps is another massive upgrade you mention, remind me how that will make a difference for you in filming 4k video?
Your post comes down to bigger number better than smaller number. Except for the stronger glass, which jerryrigeverything just made a video about showing it scratches at level 6 with deeper groves at level 7.
Are we not considering that not everyone has a 15th Gen or even a 14th Gen iPhone.
And for those a 14/15 or 15 pro would still be a fantastic upgrade at a lower price point.