Funnily, the large display is the most important thing for me. I find my efficiency directly proportional to display size (which holds for laptops too).
If a 30 second task can be done in just 20 on a device with a larger display, that's absolutely worth it for me.
Also larger device tends to imply longer battery life too.
If the task can’t be done in a few taps I feel I’m better off opening a laptop anyways.
However the market agrees with you so I must be missing something. I used to think it was driven by media consumption on phones, and that I try to avoid, but this isn’t the first time I have heard people tout phone productivity gains from a slightly larger screen.