The latency between the AirPods and the iPhone is too high for the iPhone to do any of the real-time work. I have no idea if the AirPods have a DSP that would

The latency between the AirPods and the iPhone is too high for the iPhone to do any of the real-time work. I have no idea if the AirPods have a DSP that would be able to do that work. But cheap, small, low power DSPs can do an amazing amount of work these days. Even if the AirPods don't have such a DSP, they're a good example of a reasonably complex piece of electronics with speakers and a microphone that sits in your ear, but costs an order of magnitude less than hearing aids. I think they're a good datapoint to argue that a truly free market could make much cheaper hearing aids.