A ton missing from whose viewpoint? The smartphone was also a mature product if you took e.g. Nokia's or Blackberry's point of view, but Steve kept pushing the envelope forward with stuff no-one had ever seen before. Was anyone missing a retina screen when they didn't even know existed? Don't forget to consider the wider context in 2010, what the competition was offering, and what tech was available.
Project that to now. Apple has more resources, more access to tech, tougher competition, and a wider reach. There's a plausible need for a smaller, modern form factor phone that no other OEM is really catering to. That's an awesome challenge for Apple to capture that market with a new design. Instead, they're regurgitating a 2014 phone for the fifth time in a row. That's what Blackberry would have done because navel gazing got the best of them. Maybe not in a year or two, but this kind of complacency is unforgiving in the long run (and damn boring in the short run).