As with me, a smaller group of people have been uncomfortable with larger and larger phones. Years ago, the phablet was an unusual item--a phone too big to be considered a phone. Now, it's commonplace, especially since iPhone X. Samsung's Galaxy Note has been around for a while, but it still seemed a niche product.
The iPhone 8 has continued but has not truly been updated and of course, there would not be an iPhone 9. As of the next spring (March/April 2020), there should be a replacement that could be called iPhone SE 2. Given that the iPhone SE was based on the iPhone 5, but with more advanced internal hardware, it's easy to predict a similar treatment for the iPhone 8. Whether the name will be used or not doesn't matter. They could call it the iPhone 11 mini, for all I care. Having the A13 processor and 3 GB of RAM seems worth the price of US$399/US$499 for 64 GB or 128 GB of storage.
I told Apple that, without a successor to the iPhone 8, I would consider switching back to Android. There aren't many Android-based phones I like but Razer and Asus have phones strong enough to get my attention. Whether I'll grind my teeth every time I read some security glitch or not, who knows? After my Asus/Google Nexus 7 tablet never really was in sync with Android, I didn't feel great about using it and gave it to someone who clamored for a tablet. He lost it within a month. I've looked at the Razer Phone 2 for an alternative, if the iPhone 8 replacement doesn't happen. Of all the Android-based phones, this one seems to come from a company that is enthusiastic about making something interesting.
It's been suggested that the iPhone 8 replacement will not be named SE 2 but iPhone 9. That would suggest an end to the 4.7 inch display phones.
Update 2020.02.17: My iPhone 8 battery has been beaten regularly by iOS 13--lately 13.1.1--and it isn't recovering. The battery health states that it the battery is at 83% of new capacity. That's close to replacement time. After nearly 2 years, that is understandable. I'm considering a replacement for the battery in my 256 GB over a new, more powerful phone with a new battery. If they're still US$79, isn't worth the money, especially when no phone payments (one time or monthly) would be necessary for a while. US$27.09 each month would be good to save.