It would be a certain downgrade and compromise if all else was equal, but it’s not.Technologies have moved forward and consumer's baseline expectations have changed. For a $1000 phone, we've come to expect a well-rounded camera system, (for me) a modern USB interface and whatnot. To pay the same price (or higher vs the base 17) and have downgrades in multiple areas is absolutely compromising. You can choose to accept them and gain the improved form factor, and that's fine if it matters that much or if the downgrades are ok for you. But they are still objectively downgrades and should be considered when making purchase decisions.
I see the same thing in MR when discussing the Pro models. After two full upgrade cycles we've come to expect the stronger and better feeling titanium, and the material used this year is a downgrade in that regard. Is that worth the (supposedly) better thermal performance? Maybe it is, maybe it's not.
What’s happened is consumers have been given a choice that they didn’t have before. For lots of people, hefty sizes and weights were a compromise.