20 years ago, I had an insurance plan with AT&T. For $30 I could "replace" my phone under the insurance policy (once per year). Then the plan changed it was a refurbished phone not new..... then eventually the insurance plan went to a surcharge of $200 to replace with a refurbished phone.
Back in the old days I simply upgraded every one or two years under the insurance plan. But that was the days before smartphones really took off.
These days I don't have that insurance plan, and simply hold onto my phones as long as possible. I don't get it either.
I have a Galaxy S9 that I've had for five years and it just won't die on me. Not that I'm complaining, I honestly have no clue what I'll buy next. But I don't get the need to upgrade annually.