3Dfx was not the inventor of the GPU. There’s a long history of GPU development for corporate applications.
The iPhone wasn’t the first mobile phone. Early mobile phones were very expensive and targeted as businesses who wanted their executives in touch
You’re still thinking from a consumer-centric view. Zoom out and those consumer companies were not the first to develop the products. You didn't even think about the actual originators of those types of products because you don’t see them as a consumer.
The iPhone isn't exactly a consumer computation device. From that perspective, it does less work at a higher cost.
(I remember the huge window in which phone companies desperately put out feature phones with sub-par touch screens, completely missing the value to consumers. The iPod Touch should've been warning enough... and should've been (one of) my signal(s) to buy Apple stock, I guess :-)
Computing didn't take off until it shrank from the giant, unreliable beasts of machines owned by a small number of big corporations to the home computers of the 70s.
There's a lot more of us than them.
There's a gold rush market for GPUs and DRAM. It won't last forever, but while it does high volume sales at high margins will dominate supply. GPUs are still inflated from the crypto rush, too.