Yes, it's best not to introduce more features lest they introduce more bugs. Let's just use white shiny plastic boxes connected with a metal cable then, shall we?
I'm not sure what your point is, but I'll take the iPhone the way it is now rather than chance even more bugs. There's no reason to need copy and paste except under extremely specific circumstances that don't come up often.
Actually there is. I use a blackberry which also has a similar feature - if a number on a web page looks like a phone number you can just click it and it will call the number. However I routinely need to copy paste things from one email to another or from a web page to an email.
You may be happy with your iphone, good for you. My point is that you can't call a feature extraneous just because you don't need it and that if you have to reduce features to reduce bugs you have a very serious problem. If your engineers are prone to writing buggy code, the product will be buggy even if it has very few features and vice versa.