And I didn't say it was. The lens itself doesn't need to be 300mm long, but the light needs to travel at least that far inside the lens. And that's roughly twice the length of an iPhone.
The focal length is the
optical length of the lens. That's the distance that light has to travel between two points: the point where light rays converge inside the lens when it is focused on a subject at infinity, and the sensor or piece of film, a.k.a. the focal plane.
Different lenses achieve this different ways. I own a 24mm lens that is much physically longer than a 50mm lens. It's because they use such different optical designs. I have a 70-200mm lens that is just barely shorter than my 400mm lens. Again, that's because of different optical designs. Both are much, much larger than an iPhone, though.
Some telephoto lenses use a catadioptric or mirror system, which uses refraction and reflection to squeeze a long focal length into a comparatively short lens, by bouncing light back and forth through the barrel of the lens:
View attachment 2234332
The path of light is shown as the red line in the illustration above, with the focal plane at right.
Aside from bending and bouncing light, you can't fit 300mm of optical travel into a phone that is roughly half that length, as an iPhone is. Which is why, again, I said that the rumored lens would be a "300mm equivalent."