> My iPhone 11 still feels very much good enough (which I imagine must be terrible for Apple)

I think Apple has come to terms with the fact that people are no longer upgrading their phones every 1-2 years. They are probably happy just to keep you in the Apple ecosystem where they can sell you apps, services, accessories, other compatible apple products - and hopefully get your repeat business when you do one day feel the need to upgrade.

As someone who is still on 12 pro and probably won't upgrade to a 17 because of no real need - there really is no better way to ensure my repeat business than selling me a phone that lasted me this long.

I'm pretty sure they know people aren't upgrading every 1-2 years - they have some pretty extensive data on that front. There is a subset but there are some pretty sharp people working at Apple even if this thread likes to rip them every chance they get.