It is crazy how much the quality of the camera's has changed. I haven't looked into DSLR camera's for a few years, since I have one and am not really in the market for one now, but have there been similar advances in that tech? As in, ground breaking higher quality, more compact form factors, etc? You'd imagine if you can get this type of quality from a phone's camera, you'd be able to make truly amazing things happe…
The leap in recent years isn't really in sensor tech so much as in phone manufacturers racing to get the best cameras by increasing the sensor size. E.g. the iPhone5/6 had an image sensor around 15sq mm, and the iPhone XS has a 25sq mm one. This one is over 40sq mm (1/1.7"). The nokia 1020 has a 2/3" sensor (same as the larger compact cameras) which is 58sq mm(!). So while there is are small incremental improvements…
As you said, those physics are hard. I'm no expert but I suspect that the physics would even be strictly impossible for a "proper" lens and they only get away with it because they can now apply corrections computationally which would require lot's of glass/space when done to light pre-sensor instead of to data post-sensor.
This, I think, is the actual innovation: when you don't have to care for distortion or uneven brightness because you can fix that digitally, basic sharpness becomes much easier to achieve. A truly raw sensor readout from those modules would probably look like worse than a Holga picture.
I fully agree with your assessment that this is a one-time free lunch. Looking forward to a computational compact that scales the same lens simplifications to a full frame sensor!