As for the 'wasted space'. I don't understand why people keep saying that was wasted. It's not. Sure apple could put a better display on a 6s. But since they didn't, that doesn't mean there was nothing underneath (Circuit components and PCB modules are there). And as for the 'purpose' of the giant empty spaces... well it looked good. I'm a UI designer by profession and in no way I'm an expert on industrial design. Personally I just hate the notch. It's ugly to me. Again this is subjective.
Look at it this way, you can strive for an unattainable ideal (having an edge to edge screen) and make a compromise (the notch), or you can strive for attainable averageness (like every high-end Android phone out there) and don't make compromises within a less exciting design (put bigger bezels without the notch).
I am really glad they went with the first option - it strives for the ideal. They couldn't reach it, but they made something unique and distinguishable. And they did it in style, instead of making just another 2017 phone. Why is it wrong? It's Apple. They never did the conventional. In fact, this is a kind of return to form for them with phone design, if you ask me.
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I am surprised to see how many people are actually okay with the notch. What a terrible choice of design!
I see it as a brlilliant choice of design, as I tried to explain above. As someone said, you can't please everyone. The greatness of Apple is that they are not trying to.