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Not for any technical reason afaik. My LG G7 is plenty modern and has a 3.5mm jack. It also has Bluetooth, so it’s not like it’s an either/or choice. It’s just the manufacturers dictating what choices consumers have.
No, it’s easy as shit to smack a little audio DAC in there. It probably means your phone has to be at least as thick as the whole port, but so what? It’s a fashion statement to move to pure wireless really.
I don’t hear about it so much anymore, though, so it seems it was accepted.