Yes, the smartphone marks the end of the point & click camera.
Why bother spending $200-$500 on a camera that is marginally better than the small brick that’s already in your pocket?
A real photographer will want more. The fickle nature of serious photography demands more functionality than what basic point & click cameras offer.
A real camera offers more. You simply cannot paint a portrait or a scene the same way with a jack-of-all-trades smartphone that offers basic point-and-click functionality.