Even the ELPH 160 has an 8x optical zoom, so this is exactly the kind of cameras that smartphone has NOT replaced. Although a slowish 8x zoom without OIS is usable only in good light at the long...
I suppose the face of your dog while being bitten by a shark would make a very dramatic underwater picture... ;-)
I don't think they even make FSI-CMOS sensors in 1/2.3" any more. FSI sensors are made for cheap camera phones (1/4" or smaller) and in sizes larger than 1".
Acting like there wasn't any thought to their composition would be equally silly. Some of them are rather good, albeit not what I would call brilliant.