You do know controllers are compatible with phones right?
I feel like this is a default stock answer when Phone is in the title.
Actually on further inspection some of these responses are reading only the title and not the OP. sigh.
Yes, controllers are compatible with phones but most people surely are playing their "big" games on a TV screen or monitor?
Probably less people are looking to prop their phone up and play using their DualShock.
So unless the phone acts as like a "hub" that is streaming to the TV it's not going to "replace" console gaming.
Getting PS4 power into a reliable, affordable, portable and not scorching hot package is a major challenge.
Even if that challenge is achieved then I am sure that PS5 would sit next to peoples TV as a far more powerful alternative to the handheld option.
Only streaming would maybe work to put an end to game consoles.
The only other possibility I see is that the AAA industry manages to suicide itself with a stream of big budget flops and has to make up for that by coming out with cheap but popular mobile games.
"All in one" devices tend to always do everything to an adequate level but not to a high standard.
Even basics like streaming a movie or listening to music on a phone is not the best way to consume that media.