I mean, of course. By the same token, if I brought a $100,000 red setup into my basement without lighting, composition, stabilizers, makeup, etc etc etc it would also look like shit.
I think the point here is that a cell phone camera from 2007 would not be able to do any of this even with all the great kit, but here, something very pro was created without $$$ spent on a body, a back, or lenses.
Would those things be even better? Sure! But what crazy times we live in that dropping in a cell phone into a film set can produce production grade output. Is it a bit of theater? Sure, but it very clearly demonstrates why no one buys digital cameras anymore and increasingly don’t buy DV cameras either.