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Phone batteries often don't last as long as dedicated GPS
Phones are too big for some bar setups
Redundancy - having a backup device is nice (I typically carry 3 because Garmin fail!)
Weatherproofness - Dedicated bike GPS units are designed to sit on handlebars in rain and vibrations, phones are not.There are some decent mapping apps for phones though - some people definitely use phones instead of Garmins.
Wow^ dedicated.
One question: if your phone has gps, why have a separate gps device?