Smartphone market is much more complex than just ticking feature boxes. There is brand value perception, post-sales support and warranty, ecosystem, OS customisations, device exchange programs and other marketing strategies.

There might still be market for users looking for modular phones. Fairphone comes to mind in this aspect.

LG failing to provide a product for this specific market niche isn't enough of evidence to support the claim that the market itself doesn't exist, only that LG couldn't or had no interest in maintaining it.