I kind of agree with you, but I think a lot of people don't really care about huge innovations in the smartphone space anymore. The smartphone market is mature, stable and relatively saturated now. Every man and his dog owns one. In the first few years of iOS and Android devices, obviously huge innovations and gains were being made every year. But the phones on the market are all damn good. I struggle to think of anything that would be a massive life-changing improvement these days. So I'm fine with just seeing incremental improvements each year. It's a bit like cars - this year's Toyota is not radically different to last year's, but no-one really expects otherwise.
I think if someone is going to have to come up with an entirely new product category before we see huge innovations again. Apple tried with the Watch, and it's been modestly successful, but let's face it, a lot of people just don't wear watches.