If by "not innovating" you mean "not introducing new product-categories" then, yes, Apple isn't innovating. However, in the past few years Apple has:
- made fingerprint scanning fast and easy to use (and then removed it)
- pioneered facial recognition that is robust against being fooled by images and masks, and also robust to the user's face slowly changing (e.g. growing a beard)
- created their own SoC that allows for solid security, excellent power management, and fast graphics
- made security a feature
- pioneered augmented reality with ARKit
- pioneered watch-based EKG
- pioneered watch-based insulin measurements (apparently the research didn't work out, though)
- researching self-driving cars (rumor has it)
- pioneered fake bokeh with a phone camera
- maintains net profit margins of 40% (!! even Coca-Cola is only around 30%; margins of this sort are not easy to maintain for multiple years)
You could argue that Apple is not the first to do many of those, but it wasn't the first to make a phone-computer, nor was it the first to make watch-computer, yet that counted as innovating. So I don't think it would be fair to say that security, SoC, AR, self-driving cars (allegedly) is not innovating. It's just that the innovations aren't category-defining like they used to be. But category-defining innovations aren't a dime a dozen. And we don't know if Steve Jobs could have continued creating category-defining products, either.
- made fingerprint scanning fast and easy to use (and then removed it)
- pioneered facial recognition that is robust against being fooled by images and masks, and also robust to the user's face slowly changing (e.g. growing a beard)
- created their own SoC that allows for solid security, excellent power management, and fast graphics
- made security a feature
- pioneered augmented reality with ARKit
- pioneered watch-based EKG
- pioneered watch-based insulin measurements (apparently the research didn't work out, though)
- researching self-driving cars (rumor has it)
- pioneered fake bokeh with a phone camera
- maintains net profit margins of 40% (!! even Coca-Cola is only around 30%; margins of this sort are not easy to maintain for multiple years)
You could argue that Apple is not the first to do many of those, but it wasn't the first to make a phone-computer, nor was it the first to make watch-computer, yet that counted as innovating. So I don't think it would be fair to say that security, SoC, AR, self-driving cars (allegedly) is not innovating. It's just that the innovations aren't category-defining like they used to be. But category-defining innovations aren't a dime a dozen. And we don't know if Steve Jobs could have continued creating category-defining products, either.