I agree with both of you. I hope this isn’t becoming a norm but if people are buying, they will keep doing the bare minimum while cost cutting wherever possible.
Well, you know what the thing is with these 'smaller' upgrades? They allow Apple more time to do more with the 'new generation' iPhones. At the same time, these incremental updates usually fix problems with their predecessor.
Take the iPhone 4 for example. There was this whole thing going on with antenna gate. Apple fixed it with iPhone 4S. Then the iPhone 5 had 'scratch gate', which was 'fixed' with iPhone 5s. There was the iPhone 6 with bendgate, which was fixed with iPhone 6s. See what I'm trying to say?
These smaller upgrades aren't bad at all, on the contrary. They're necessary to solve issues. Obviously, you wouldn't want any issue with a completely new phone, but it's simply inevitable. There are people who purposely skip next-generation iPhones and go for the 'S' upgrade instead.
Not to mention that Apple loves keeping features away from people and save it for the next iPhone. Slo-mo is a nice and simple example of that: they started of with 120 FPS at 720p HD with the iPhone 5s. With the iPhone 6, they've added 240 FPS. The iPhone 6s they've added 1080p for 120 FPS. See what I'm getting at? They do this on purpose. I can't imagine them having added both 120 and 240 FPS at 1080p at the same time, even if it's technically possible.
The same thing will happen with the new Ultra Wide angle camera of the iPhone 11 Pro; it has an aperture of f/2.4, but I wouldn't be surprised if the next model would get a larger aperture for example.
So far my 'analysis'. Or at least, my personal analysis.