But is it wasted?
With current tech, there are still some good structural and engineering reasons for keeping a bezel.
And when it comes to tablets like the iPad, a bezel is almost essential just for usability.

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The imaginary mirror probably smashed into pieces, right?
Now imagine that same pre-smash mirror, only with a wooden frame around it.
See how it might stand a chance when you drop it now?

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The bezel can perform several functions here.
To remove or reduce bezels, that circuitry has to be moved under the screen.
It could even make case design difficult.

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Multi Multi-Touch
Then there are the practical problems.
Our phone screens are multitouch screens, meaning they register multiple simultaneous touches separately.
This is what makes two-finger taps and pinch-to-zoom gestures possible.
But without a border, you will touch the edge of the screen while also tapping the screen.
But with tablets, bezels are even more important because you have to grab them like a book.
One has to assume that it will do the same for all future iPhones, bezel or not.