You make it sound like the iphone 8 came out ages ago. It was two and a half years ago. We were long past the point of on-screen buttons being a waste, or the body needing to be larger. In phone-land this isn't an old design, it's a retro design. It doesn't save money to do it this way.
> You make it sound like the iphone 8 came out ages ago.
The design features relevant for this discussion (bezels, physical button) didn't come out with the iPhone 8. I'm counting the age of the design since it was first introduced, not since last use. It is an old, successful design which leads to a cheaper phone.
> It doesn't save money to do it this way.
Of course it does. Any new design and part made for this phone implies extra expenses - new tooling, assembly lines, supply chains, etc. This drives up the cost and price of the phone. And you can't save money by sharing/reusing too much of what you have in place for your flagship line because for every $400 phone you make you took capacity away from a $1000 phone. So old stuff gets reused. You get a much cheaper phone by slightly upgrading the $300 iPhone 8 than the $800 iPhone 11. Works like this in every industry.