Bare minimum support horizon (no, a self-compile repo doesn't count) combined with small but numerous hardware demerits:
flashlight, overheating, extremely slippery which mandates a case, small chance of screen lines, no personal need for SD, weird camera choices e.g. focal length of telephoto, notification LED, waterproof but unusable in the rain, I think one vendor sells a screen protector that isn't total garbage, no personal need for Qi charging, basic photography mode has always been awful, antenna/battery/amp/side sense/night mode is nothing special, previous gen microphone config had echo and/or gain problems on Signal calls, and the list goes on and on...
Biggest selling point: photography, right? Sony continues to develop amazing hardware and then takes the most leisurely and conservative approach toward camera firmware/software. Both auto modes on an a6000 are head-and-shoulders above this year's Xperia auto mode, despite being nearly a decade older. The fanboys continue to defend manual mode photography as if every serious picture taker wants to dial in focus, white balance, shutter speed, etc. all on a touchscreen while their toddler hangs from a branch for his/her first time; as if every photo should go straight into Lightroom Mobile before getting sent to grandma or the friend group or onto social media.
Beyond that, the update schedule is suboptimal (Hello, Pro-I!?) and so fast-paced, you're always hoping the next generation or surprise mid-year model fixes most of the details you dislike.
The 5 V comes out and totally eliminates the telephoto which you loved and frequently used. Not only that, everyone compares it to the 5 IV (60 mm) when Gen. II had a 70 mm shooter and Gen. III had a 70--105 mm (which, as most non-prime lenses, was quite soft at the longer range). "You get literally the same detail because 52 MP!" Sure, dude. Now explain why every comparison review of the 5 V telephoto has significantly less detail than even a lowly 3x zoom, even factoring in how 1/9th of 52 is 5.8 MP? (Notebookcheck.net supposedly lets you downscale its comparisons to 2 MP and 4 MP, and the closest-to-Xperia-quality but still better shot belongs to the 3x Galaxy S23.)
You remember being disappointed when the 1 V bundle was WH-1000XM5 and you already owned well-worn WH-1000XM3s. You're even more disappointed when the new 5 bundles inferior cans rather than buds or something wired from Sony's Pro Audio division. The 5 price is always the same as the 1 price when the 5 drops in September, so you wonder why not get the 1, which is superior in nearly every way?
Oh, right, because you know it only gets one more OS upgrade (Material You: Yuck!) and you probably won't get whatever new APK comes standard in the next gen's Xperia 1, plus you've already missed your chance to order and resell the bundled headphones, so the now-300-off price of the 1 is just the same that you would've paid by selling the bundle plus a little depreciation.
Also, where the hell IS this Pro-I successor? Is _that_ going to have a real telephoto and less of Xperia 5's wacky design changes and 4 to 7 years of software support and a screen bright enough to use as a flashlight because, let's face it, Sony will close its mobile division before letting its users put more current through the rear LED. Plus, who knows, maybe next year they finally release crimson or that same sweet shade of orange that sits at the base of their true flagship full-frame mirrorless??
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Cost, within reason, is not an issue for me. I would get another Xperia---any model---if it ticked most boxes. My main reason for ignoring Sony as a serious contender? Sony continues to nerf two peripherals or APKs for every one feature they improve, and then I continue to wait for actual improvement while my Zenfone 8 and a6400 slowly age. Every few months, I wonder what phone I would get if I needed a replacement today, and Xperia drops further down the list.