With the recent trend taken by Google and other "subbrand" and the appeal of masses (and in an extent the new razer book), I believe a Razer Phone 3 would still be pertinent.
As a comparison, we could note that Sony, while being one of the worst division is still making phones, and they are damn good for their niches, video fans. But they are also damn expensive.
A RP3, could still be, for the gamer niche. But with less "flagship" gimmicks, which should drive the cost down, ease the support and lower the number of parts that can break.
For instance, no speaker is needed. With all the in-ear, over-ear units available, wired or wireless, having speakers on the phone other than the one needed for when you call is not pertinent. Therefor you gain either screen space or battery size opportunity. And one less component prone to fail.
The camera race. While the human eye can only perceived 16MP-ish, I'm still wondering what this MP race is all about. And having 4 cameras is so useless as no one out there has managed to integrate them properly, changing zoom etc. Put a strong and recognized 20MP -ish sensors, and your good to go. And make it flush with the rear body.
Put a decent Amoled screen, 120Hz refresh rate, no need for more, a dedicated micro sd tray, a 5g proc, 16gb RAM with the vapor chamber. Keep the chroma logo (distinguish look is always good), center the wireless charging coil, keep android as much stock as you can and voila !
A good spec'd phone, with the minimum pieces necessary, gaming oriented. If the pieces are not the latest but proven ones, you shouldn't have much RMA or issues.
- Underscreen selfie cam ? not proven
- Underscreen fingerprint scanner ? still a novelty not perfectly integrated
- Oversized phone ? difficult to handle (heavy for multiples hours of play)