Not sure if you meant this in a disparaging context, but (a) app authors could make use of cryptographic acceleration instructions, (b) this particularly goes double for "Apple keyring" or whatever the Android equivalent, those will definitely get acceleration right off the bat, and (c) people overestimate how long those tasks take anyway. I have KeePass set up so that it takes 1 second per attempt on a fast processor, and my J5005-based NUC takes about 3 or 4 seconds to decrypt it. Probably about that long on my iPhone as well. Annoying, a bit, but it's not like you're waiting there for literal minutes either.
And ideally that stuff could be moved into an on-processor secure enclave, so it's not executing on general cores at all. That way you straight-up can't even get to the data to try decrypting it, it just stays inside the enclave and the enclave doles out a single password at a time if and only if the password matches.
The most intense thing my phone does is decrypt my password database, and it does this dozens of times a day.