This can IMO be both good and bad. Good if they take the existing design, thicken the body to make it flush with the camera modules and put a larger battery in that space; bad if they use the existing design and make the cameras thinner so that there’s no bump.
But hey, we can’t talk much sense to manufacturers who are happy if we buy a new toy every year…
NVMe in a phone would be something ridiculously inefficient both because of the form factor and the power draw.