$500? Top of the line devices in the last few years have crept above $1,000 USD. Not trying to nitpick but the difference there is a sizable chunk of the average person’s annual income.
Chiming in as a low-income person, yes these Flagship phones have been off of our radar for a very very long time. If I wanted to, I could go into Walmart and buy a perfectly capable locked simple mobile phone for $20 or maybe a bit more than that. There is no possible way that I consider spending multiple weeks worth of paycheck on something that could be broken or stolen easily. If I was going to treat myself to a nicer phone there are tons of great options for me to choose in the 100 or $200 range.