Earlier quoted context omitted.
Not OP, but in a similar place for the phone somewhat dominating on the go stuff. Its just incredibly freeing leaving the house with only my phone. These days it can handle payment most places. It is my library card. My bus pass. My car key. My camera. My paperback novel. My guide. My gym pass. It lets me know when my bus or train is running late. It lets me know when that store is going to close, or if its even open…
And what do you do if you run out of batteries? Or lose the phone? Or it gets wet and won't turn on? You can't even drive your car? My phones have failed me on multiple occasions over the years.
What happens if I lose my wallet? What happens if I lose my car keys? Its not like these other things are immune to "what if it gets lost?" Sure, there's a bit of risk tying it all to one thing, but in the end I'm not talking about being more than a few hours walk to home or a friend's house. And like I said, I usually carry enough cash in my shoe to cover a half day fare.
At least for my car, I do have a backup code I can type in and access it.
My phone is waterproof. Its durable enough, its fallen out of my pocket while riding my bike before and been fine. I did have a problem of breaking phones in the past, but since waterproof phones and far more durable screens have been a thing I haven't really lost any to damage since. The last time I broke a phone was 2012. It seems like if I managed to break my phone I'm likely to be picked up by an ambulance anyways.