It would be bad either way. Now you have strong permission, otherwise you'd have hundreds of them.
What could help are groups in which you could select only certain items, but it would be presented to users as a group. But they would be able to open the group and see each individual item.
And of course, the biggest issue is that users can't manage (restrict) the permissions themselves (without a superuser app at least).
I don't think it would be bad to have more granularity. Being able to detect when a call is coming in, in order to mute, is entirely different from being able to read phone identity (IMEI etc), incoming phone numbers etc etc.
It may not need hundreds more permissions, it may even only need one more as this one seems to be a very common problem.
What could help are groups in which you could select only certain items, but it would be presented to users as a group. But they would be able to open the group and see each individual item.
And of course, the biggest issue is that users can't manage (restrict) the permissions themselves (without a superuser app at least).