Almost.
I guess it could work... well, it is working in a different way already.
As others have posted above, Phones like the Moto Z have expendables like speakers or bigger batteries. Some phones have pens. Others have watches.
This seems to be where the true expansion and repeatability comes in. A partially fragmented device. Say a terminal in the pocket, the display on your wrist, the speakers in earbuds. Each being independent and swappable for the next big thing (assuming they scale on the blutooth being used).