The ability for it to replace a macbook air if you add a keyboard/mouse/screen for one. How about a 3d camera for integration with vision pro? There's still so much they can do.
Even the previous iPhone had lots of great actual new features. Always-on OLED display. Action Camera mode. Auto focus capable front-facing camera. Dynamic island. 2000 nit brightness capable screen. Satellite SoS. Car crash detection.