Some of the modern phones do have both resolution and lens fidelity that meet or exceed a basic P&S nowadays. The iPhone X and Google Pixel 3 come to mind as both having larger than P&S sensors, as well as the Nokia PureView which approach m4/3 resolution and sensor size, in addition to having a faster aperture than a P&S, most of which are stuck at f/2.8 or f/3.5. Now, the phones cannot zoom, unlike a P&S cameras, they don't have a strobe flash so they can't lift shadows under the midday Florida sun using a fill flash, and numerous other useful features.I will point out that, in spite of what phone manufacturers tout, the resolution on a compact point and shoot camera will always be superior to a phone camera(and obviously, micro 2/3rds cameras and DSLRs have even better, in that order). In choosing whether to carry a bag or not, consider how you plan to use your photos and if you are willing to sacrifice resolution for portability. If you plan to have anything made with your photos, a point and shoot digital camera is a bare minimum to get a usable resolution. This is why I carry a small bag or a hip pouch(about camera sized).....I prefer a point and shoot camera for photos over my phone. Just some food for thought.
But if all you want is a fixed lens 28mm camera without a flash that fits in your pocket, a good phone does it better than most P&S.
Now, when you talk about premium compacts, that's a whole different ballgame, as the sensor size goes up rapidly. A premium compact though requires as much or more expertise to shoot as their bigger ILC cousins, and often cost more than entry DLSRs.