I think this sounds like a great project. Although a phone would be cool, Cyberdemon has a lot of good points.
Another project you might enjoy is one they set students in my old design school. They set us the brief to imagine what a camera would look like if a certain brand (that has nothing to do with cameras) were to make them. It’s a good/fun project because it involves understanding a brands attributes/DNA and then applying that to a product with a known function - it’s then all about styling and portraying the appropriate message.
Here are some examples of projects from various years, including my own:
Harley Davidson (my project): https://www.behance.net/gallery/21174489/Harley-Davidson-Camera
Muji: https://www.behance.net/gallery/5818507/-(Ka-mu-ra)
Virgin Atlantic: Bobby Turner