I was really surprised that all the cellphone manufacturers went with flip phones, rather than roll-out phones like a miniaturized version of this.
Apple watch seems to be the best solution here most likely
Also it would be hard to talk on a floppy phone
Tangentially, you also solve a security/privacy concern.
Heck, make the band a wireless display and solar/kinetic charger and you can mind the guts to a wirelessly connected device that never leaves your pocket.
You also introduce/force a security/privacy concern. Bluetooth can get your device remotely hacked and it's routinely used to track you, your location, and nearby devices. It's one reason I always use phones with headphone jacks, I never have a need to enable bluetooth.