Risks are involved for the leasor and the associated costs have to be socialized and passed on to the leasees.
For example with a phone --- what happens if a person loses their iPhone and just stops paying and buys a cheap Android phone instead? How will Apple maintain their exorbitant profit margin on hardware if there are too many of these cases?
What happens if the leasee declares bankruptcy --- or if he dies?
For a variety of reasons, a certain percentages of leases will not work out as expected. Apple's most sensible "recourse" may be to charge everyone extra to cover the cost.
I have no actual data but I'd be willing to bet a lot of actual money that of the universe of people (not businesses) that lease cars the majority are making bad financial decisions. Of course, this depends on your definition of bad.
A lease is a straightforward business expense that the tax authorities find really hard to question.
But using autos as an example, purchasing instead of leasing can open up a can of worms that can take years to get resolved. You paid too much when you bought from your cousin's auto dealership. Your depreciation method wasn't valid. Your liquidation price was too low when you sold the old used vehicles back to your cousin's dealership.
Lots of potential questions that can consume lots of time and money to get resolved.