I think you may be a bit behind on how large the notch is on new phones. It’s literally just the front camera hole on new phones, including Galaxy, Pixel, and iPhones. I’m fairly certain that’s also the case with the majority of other Android manufacturers such as OnePlus, but I can’t be bothered to check.
An oval shaped phone is simply far more impractical than a rectangular one. Sure, the far corners are a pain if you need to use it one handed, but that’s a significant amount of screen space you’re giving away for simply browsing things.
So sure, if you do literally nothing but consume video content on your phone, fine it could work. But who does that