I don't think you've really grasped Apple's design sensibility. Job one for the designers is to deliver a product that consumers want but can't get anywhere else.
The "camera bulge" may be a huge blunder, or it may be just a tempest in a teapot. The real test will be the user's reactions when they hold the device in their hand, or see it in another user's hand. If the reaction is "I want it", the designers have done their job. If it's "Holy cow, look at that camera bulge," then it's a screw-up.
The thinness thing hasn't been about practicality for a long, long time; certainly not since smartphones got thinner than 12mm or so. They always been practical things the could have given us other than thinness, but what they want you to do is pick up the phone and say, "Look how thin the made this!" The marketing value of that is that it signals that you've got the latest and greatest device. There's a limit of course, and maybe we're at it now. Otherwise we'll be carrying devices in ten years that look like big razor blades.
At some point in your life you'll probably have seen so many latest and greatest things that having the latest and greatest isn't important to you any longer. That's when know you've aged out of the demographic designers care about.