It does, however, easily get lost or left behind.
Phones, on the other hand, can be charged. And if they're smashed, you can just log into your account on a friend's phone if you haven't replaced yours yet. If you can't even do that, you can go to the ticket window and they can look up your account information and verify your ticket.
In New York the commuter trains use etickets and if you smash your phone you can just log into your account on a friends phone, but they track how many times you do that any only allow 3 switches. They don't say 3 switches in a certain period, it just says you can only log in 3 times and then the account is locked. After that you have to call them -- and who knows what....
Paper doesn't spy on you.