It's pretty great as long as it doesn't evolve into them no longer printing the cards and requiring use of their app, consequently on one of their approved OSes.
I mean yes but that is a case of the slippery slope fallacy: the existence of a future possible decision does not affect whether a current decision is a good one.
If they try to move in that direction, we can protest it then. Denying ourselves a useful capability now doesn't stop it from happening anyway, nor make it more likely.
I personally live in a country with a large religious population that rejects the smartphone, so thankfully I personally have not encountered a situation where needing a smartphone is vital. However we've seen many people right here on HN mention how some specific vital service - often government or banking - does require a smartphone.
In my HN Threads feed, the very next item is another HN user mentioning how they have difficulty paying for parking spaces without a smart phone, from this very page. Search "and sadly accept the cost of our principles" on this page to find it.
But I have no interest in winning internet arguments. You win, the cookie isn't worth it to me.