Quest is made possible by Oculus having full control over the entire hardware & software stack. Everything in the system has been meticulously pieced together, every single drop of efficiency wrung out of it. The hardware stays consistent, so the software can be run much closer to the metal, minimizing overhead, maximizing performance.

General purpose compatibility layers, as would have to be necessary to run Quest on a variety of phones, would decimate that efficiency. Not to mention the straight up performance loss from thermals - Quest's SoC has active air cooling, allowing for much higher, much more sustained performance than a smartphone with its thermally constrained, thermal throttle-prone casing - and OS bloat - phones run a shitload of crap that drains resources & battery, things that aren't at all necessary for VR. Just look at GearVR, it was frankly awful for these two reasons.

This is also why consoles get so much more mileage out of performance-equivalent PC hardware: the hardware & software stack are fixed, constant & known, so the applications can be built & run much more efficiently than they could on the PC.

No. For Quest to be what it is, it has to be exactly what it is- specialized, super tight, and efficient. Your dream isn't feasible in any way, beyond possibly the console thing, but that's a whole nother hornet's nest.