There actually is a market for small phones, - people (and not only women, but women comprise a large part of any given population) who want small phones and who like the form factor.
It is not just that you like to be able to use it with one hand (as I do), but also to be able to carry it around in a jeans or jacket pocket easily.
My brother had offered me his old iPhone 6, as a gift, and I found it too large, too unwieldy, and too uncomfortable to use.
As long as my iPhone SE works, that is what I shall use, and as long as it exists, that is what I shall replace it with.
Now, I have no intention of replacing my computer with my phone; for that, I have a perfectly good MBA.