I think discussion here are missing that most people do not own a PC/laptop and if they do barely ever opens one, and not because they can't afford it, but it just didn't fit into their daily lives. This is obviously entirely different from the HN crowd.
And in that case, a folding phone is huge! Having played with one that my parent use, it's such an upgrade for reading/scrolling experience. When we all are spending so much time on the phone (that's a separate discussion, but it is the reality).
To be fair, where this applies is specific countries outside the US, not just outside tech. Very few Americans own a smartphone and not a computer, and they are mostly poor and not in the market for an ultra-luxury phone. You’re describing affluent counties that became so recently, like China, South Korea, and Japan, and indeed that’s where foldables are currently doing well.
Especially in asian countries where PC penetration is lower.
Yeah, to support this point I'd also like to point that mobile gaming is larger market than both PC and console gaming.