It doesn’t work well. Telephones haven’t changed for decades and are now practically a dead technology. The wires are used for data, and phone service is grandfathered in. You can reasonably say this is the result of a lack of innovation caused by government regulation.
Edit: I say this as someone who loved the dial telephone era. I really want one of these: https://skysedge.com/unsmartphones/RUSP/index.html
I would have bought one, but then I realized that the phone is useless now.