for context though this is a market that mostly collapsed like 15 years ago, and smartphones were actually the second death of the market.
When you hear "compact camera" think about like the Canon A40 and such - early 2000s. By the late 2000s they were already completely commodified with no margin left and the profit had moved to DSLRs (and later MILCs etc).
There was and is still a niche for "premium" compact cameras (Nikon coolpix, Ricoh GR, Fuji X100, etc) but the commodity market didn't get anything out of a standalone camera that couldn't be done better by something else, and if you're already carrying a smartphone anyway...
When you hear "compact camera" think about like the Canon A40 and such - early 2000s. By the late 2000s they were already completely commodified with no margin left and the profit had moved to DSLRs (and later MILCs etc).
There was and is still a niche for "premium" compact cameras (Nikon coolpix, Ricoh GR, Fuji X100, etc) but the commodity market didn't get anything out of a standalone camera that couldn't be done better by something else, and if you're already carrying a smartphone anyway...