My take on this is a Smart Phone camera replaces everything the old 110 and 126 film "point and shoot" camera's did, as well as most digital "Point and shoot".
Most folks keep pictures on their phone or maybe make 3x5 or 5x7 prints. Even that is not as common anymore. Or they post pictures on Facebook, Craigslist etc. You do not need a high end point and shoot, or a SLR for that.
If you want to make enlargements or capture detail, then a SLR with good lenses, or even a high end "point and shoot" are the way to go.
There's still things that a SLR will let you do that are difficult or hard to do with a smart phone or point and shoot.
But... with any camera, you can take some pretty nice pictures with good composition and minding the basics of lighting etc. Have seen relatively junk camera's used to take a great picture, while another using a high end SLR with fancy glass gets a poor or mediocre picture...