I guess we watch to see who else falls out of, what is rapidly becoming a niche market.
Diving with a smartphone will attract a lot of young divers but for me, the worst case is a move to Panasonic (highly unlikely).
Olympus was one of the best underwater cameras in terms of users, quality, size and performance. If you think this is an exaggeration then look at the number of articles here - Canon 4k, Olympus 3.5k, Nikon 1.1k the rest bugger all. Is this an aberration of this site? I don't think so.
There will always be professionals and advanced amateurs who will look to buy high-end cameras. This phone trend has been coming for a while, the site I use 500px has had a phone area for a while and some of the results are stunning. It's not easy ATM but it will get there and sooner than many think.
I don't think there is a camera supplier who will not be wondering what the future holds for their camera divisions.