I don't understand how anyone can look at last week's keynote and think that Apple has somehow decided to just stop innovating altogether. Apple's strategy is pretty clear to me - launch new features exclusively on the pro models first and then eventually bring them to the rest of the iPhone lineup. This differentiation allows for lower-priced non-pro models, while also giving new features time to be supported by developers.
Apple products have always been about continuous refinement. As its products evolve, Apple pours ever more effort into incremental improvements in the details. Compared to the iPhone 14, the iPhone 15 gets dynamic island, A16, better display, better camera, usb-c, ultra-wideband chip, contoured edges and a colour-infused glass back. On their own, none of those improvements are revolutionary, but it’s a solid list of meaningful year-over-year improvements nevertheless.
And they do it every year. Apple has shipped a new phone for 15 years, and they will continue to do so next year, and the reason why Apple has the luxury of being perceived as boring is because every single year brings some form of improvement (both hardware and software) and these benefits accumulate over time, because they all build on not just the iPhone itself, but the rest of the ecosystem as well.
It's kinda like investing, where you save a little every month, but it all adds up over time due to the power of compounding interest. It's the same thing here. Apple has been using the iPhone to lay the groundwork for their AR/VR headset for years (starting from Animoji in 2017 all the way to the 15 pro's ability to record spatial video), the iPhone 15 gets features that debuted first in the 14 pro, and it's not hard to see features from this year's 15 pro max eventually trickle down to next year's iPhone 16.
And this is why Apple will continue to be successful. Because their unique definition of innovation (quality over quantity) is resonating with their user base more than ever. Moreso than folding screens, moreso than AI, moreso than whatever the latest tech buzzword of the week is.