You also get the same software running as you do on desktop Linux - just hook up a display and you've got a regular Linux desktop. You can print from the device itself, because of course it can just run CUPS. You can direct audio output from each application (including to the earpiece) because it's just running pulseaudio. Hook up a webcam, a Wii mote, once you have actual control of the hardware the possibilities are endless.
I want a pocketable Linux device I can take with me everywhere. That's it. I don't care how well it works as a phone. I want a fully-featured, honest-to-god GNU/Linux terminal in my pocket that I can use to do anything that I could do on a (massively underpowered) Linux laptop, especially on the command line (i.e. I don't even care too much about GUI apps except some basics like web and PDF display).
If it can someday replace my phone, that's a massive bonus of course, but realistically I don't think it will within the next decade, for my specific smartphone needs. But that's OK - I don't mind carrying alongside it an Android device that is my actual "smartphone".
Eventually once the software is more refined, there are definitely some features worth adopting for. The kill-switches are a decent feature, and I would love to have something like that on every phone (especially the cam & mic one, since I don't tend to put tape over my phone cameras!).
For the Pinephone, the hope is that one day you'll be able to buy one (or some successor) and be able to load whatever distro you want on it. It's vastly easier to work with than installing a custom bootloader, and then flashing a new version of Android. So as far as that goes, there's a lot to be desired.
Finally, you're not stuck with a PalmOS style mobile GUI and can use a normal overlapping window manager.
(edit: rewording)