> But a phone which does Continuum for x86 Win32 programs would have sold truckloads,
Which is one reason why Microsoft does not want to do that. MS wants you to buy a PC _and_ an XBox _and_ a laptop _and_ a phone, plus several IoT devices - as long as they all run Windows and buy from their app stores.
Buying just one device that runs Win32 programs (mostly not by Microsoft) is not an option in MS's revenue plans.
Note that Continuum is currently ARM and only runs UWPs which must be bought from MS store (with a 30% cut for MS).