Certainly, but an old cell phone camera wasn't a threat to a point and shoot - with features like facial recognition, flash, zoom (whether its optical or digital), video capabilities, expandable storage, ease of syncing with computer, night and other various modes.
Smartphones ushered all of those features into the device you already always carry with you.
And as i said, these markets still all exist in significant ways, but are a fraction of what they were at their height before strong competition from cell phones.
And I am not sure your point and shoot camera market is dead. Lots of people still don't have smart phones.