What happened to basic phones?

If you want a new phone now that doesn't have a touch screen and doesn't need a data plan, you'd have a hard time. ATT, verizon and tmobile have been offering the same thing for over 2 years now. Is there no money in releasing new phones? I know a lot people who had the same thing for years but they would upgrade if the new phone would actually feel new. I feel like a new flip phone with a good camera and quality materials would do better than low end android phone that they release every other month.