I would think 2 actions would take away from the simplicity Apple always strives to achieve. Can you imagine the chaos if users were actually allowed to utilize more than 1 action? /s (sort of)
This is incredibly dumb. On the older models, you could easily tell without looking whether the phone is silent or not. Now you can’t anymore. They really don’t know what else to add to make people buy the new models.
I use the mechanical switch for toggling silent mode daily(with flash for notification), soon as I get to work. This has worked well for my OG SE and now the 13 Mini. With a physical switch it was easy to tell, sight unseen, what position it's on. I guess a long press with haptic feedback wouldn't be that difficult to adjust to. Not sure about "accidental" instances though.
What about double press, triple press, press and hold, etc... the possibilities were unlimited but they decided to just allow one press for one action. LAME.
They could hopefully unlock more later. There's ample precedent, as the old Home button (and current power button on the right side) can be configured with add'l functions on multiple presses.
For example I currently use a triple-click on the power button to trigger a deep red display filter that's very easy on the eyes late at night. No reason on earth they couldn't add more to this new Action button, while still letting users keep the default mute/unmute function.