That works in isolation, but not when you're not home. Do you want to talk to your phone in a public restroom, or the subway, or in the office?
I regularly use speech-to-text transcription publicly. With my mouth close to the mic, I can speak softly enough that people outside of my personal space can't hear.
That being said, keyboards still have their place. Certainly, I use ChatGPT on my phone several times a week using keyboard input, and it's not particularly onerous.
There's no reason people couldn't make interfaces that use the same speaker as a phone call does.