Various apps already do this, if you find yourself reading lots of PDFs on phones. For example I use PDF Expert on iOS to do this. It’s not perfect—depending on the quality of the PDF there might be weird artifacts in the reflowed text (e.g., “ff” ligatures getting mapped to the Unicode ligature character “Latin Small Ligature Ff (U+FB00)” which breaks copy/paste/search).

But for PDFs which are really hard to read on a phone otherwise, it’s really a nice investment.