I'm one of these who finally terminated maxis postpaid in 2023 after more than 20+ continuous years without ever switch out or changing to prepaid. Every month is contract of RM128, 158, 188, 120, 150, etc. if you long enough with maxis you should know these postpaid plans. I even got blue form for Maxis IPO.

Few reasons, main ones:
1) no more claims from company for the past few years cause company provide phone already, but I'm still sticking with Maxis earlier.
2) final straw, maxis no longer offer gadget sim for 5G sim

Asked Maxis Centre CS any options, they don't even bother to provide workable solution or call HQ/escalate I straight asked for termination on the spot. Anyway, I'm just small fry spending RM150/mth x 20+years on Maxis mobile.

Bought outright from apple.com

yeah, with the iPhone 4S onwards, I re-contract every 2 years with Maxis then. For this iPhone 15PM is to replace my older iPhone XS, so the jump is quite significant for me. Last re-contract which has lapsed, I bought a phone for family member.
Keeping my oldest iPhone 8 as Waze phone, as I can change the battery without error message.
Company give iPhone14 last year.

Those were the stupid & hype days of queuing at MV, Capital Square, KLCC, etc.

Nowadays I change phone longer than 2 years+, like you say, not much innovation to justify the change for me.

Back in those days, one of my colleague purposely drive from KL-SG-KL overnight trip to purchase iPhone 1 and show to us on the 2nd day. KL don't have it until like 1-2 months later then. D@mn ki@su, he did that until like iPhone 3GS, as after that iPhone 4 or 4s already have launching in KL.

I've already learn not to chase technology updates decades ago. Moore's law. If I want something now and no change in the coming 3-6 months, then I will just buy it. Else it is a never ending waiting game on technology. Started with those 80286, 386SX, 386DX, 486SX, 486DX, Pentium I, II, III, celeron, ...