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Considering I am moving from a Samsung Note 3 to iPhone 7 Plus, I think it's a well worthy upgrade compared to others who have an iPhone 6/S/etc. It's more beneficial for those with really older phones.
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I usually switch phones after every couple of years in 2010 I was team Apple, but around 2013 I was team Android. Now I'm going back to Apple cause this M8 ain't cutting it anymore (very laggy) and I got kinda worn out of Android. Plus the app store Apple has is way more appealing to me then Google play rn. So like you said upgrading to this is the perfect option for people with old phones.