That's similar to what I use and so long as I'm fairly disciplined about not letting stuff I don't really need to carry around pile up in it, it's pretty compact. I went through a period of trying other options for wallet or wallet plus phone and I came back to a relatively thin and basic but pretty standard bi-fold wallet.

I think a lot of it is that most people don't need to carry either too much plastic or too much cash these days. Most of the gas and store credit cards are gone or at least not widely used. A lot of information is on your smartphone. Many people use cash less.

As a result, a lot of people are experimenting with minimalist wallets or phone cases that can be used instead of wallets.