I completely agree. My point was actually like your bike example. The phone may not be, in itself, expensive, so a painful loss if it came to be stolen (or oth

I completely agree. My point was actually like your bike example. The phone may not be, in itself, expensive, so a painful loss if it came to be stolen (or otherwise no longer available - say you break / lose it). But since more and more things are tied to it, it can be a giant PITA to lose it. For example, my bank accounts 2FA is tied to it, and they specifically don't allow having multiple phones. If my phone is lost, I have to physically visit a branch office to reset it.