Moving it higher might not be possible. The actual opening is smaller than the size of the optics behind it. So it could be physically impossible to move it closer to the edge. Then it's just a question of putting extra pixels there or not. I think with everybody moving to punch-out camera, they're afraid a notch will make them look dated.I prefer the notch. The area above the pill hole is utterly useless, no functionality at all. This design also make the camera hole much more visible to the eye than the notch.
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Let's hope they keep the approach of the notch getting smaller and smaller & move the bar above the notch line: