I can see an iPhone-shot movie getting best documentary short or whatever, but that's it.
I suspect we'll see a tipping point soon (if we haven't already) where more minutes of time are spent watching content produced on an iPhone vs an expensive film camera.
The threat to the industry definitely appears to be the bigger hurdle, but don't discount workflow. Offloading from an iPhone is non-trivial, especially when all big-budget movies employ at least one DIT (if not an entire team) to manage this process.
I don't see the people who vote for Oscars being so concerned about threatening the foundation of the industry. That would require some sort of corruption or conspiracy, and I'm just not confident that is going on to that level.
Happily, plenty of industry veterans are finding uses for camera phones. https://momofilmfest.com/oscar-winning-claude-lelouch-cannes...
Counting Youtube/TikTok/whatever, this must have tipped years ago.