Considering the smaller 1.2 - inch P - OLED display and lack of a heart rate sensor, NFC or other advanced functions, there isn't any need for more hardware inside. (androidcentral.com)
You need an antenna, a separate set - top box if you want to record stuff from the antenna and perhaps even more hardware to access streaming content. (techspot.com)
There's also more hardware in a modern smartphone than an old dumb phone. (howtogeek.com)