This is totally normal. Like the other person before mentioned, smaller memory has slower speeds & lower endurance.
Flash storage has not improved that dramatically between the 8 & now. Also, Apple is not first to the party to use cutting edge storage tech on their products.
I mean they still use lightning for their iPhones. I think it is either USB 2 or USB 3.0. Not much to gain with faster storage, plus it is a phone. Way less likely for people to keep moving large files to/from the device.
I am not sure it is based on PCIe, if it was; then they are on the same PCIe v3.
For desktops, everything was on the same PCIev3 for what seemed like forever and intel moved to v4 only with its 11th Gen laptop chips.
So, point being, do not expect incremental increases in disk I/O speed every year or even every few years.