Most in EU do this or will do - it’s part of EU bank regulation (PSD2). SMS isn’t considered safe anymore and debit/credit card payments are confirmed through banking apps (you get a push and confirm).
in addition, you don't need to copy a sim. you can copy a cell tower. which the authorities do all the time, without any warrants, and capture data en-masse. The fake cell tower fits in a backpack.
But it's not just the cops capturing your cell data. It's anyone, they've been doing it for over a decade, and it's cheap and easily accessible.
https://www.vice.com/en/article/vv7zn9/surprise-scans-sugges...