There is one use case I am thinking of right now. Traveling. Nobody would steal an old Nokia phone, unless you are maybe in a third world country.
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Regards,
PrivacyG
Its a fresh innovation, just like you pointed that it's nobody's desire to steal old Nokia phones. Similarly, attackers don't care about old Nokia phones now, til the whole formula gets famous, and old phones starts getting demands again in the market because they can be used for hardware wallets.
Additionally, these phones have got internet access and bluetooth which is not a nice criterion for a hardware wallet, though no one still utilizes such phones to an extent of downloading games with viruses, But never can we tell, they are different people who would jump on the DIY old phones hardware wallet if it gets popular, and attackers can easily build malwares targeting Java phones. No one would understand it was built for fun when things go wrong.