What you said is absolutely right, PI is now in the top 11 of Coinmarketcap and has a very large marketcap of around $175.53B.
Just to make it clear to you, the $177B you see on CMC is not its current market cap but it's the FDV (Fully Diluted Value), which means that its market cap would have been $177B if the total supply, which is 100B, was in circulation, but currently, only around 6.93B is in circulation, and that makes it have a total market cap of $12.3B as of writing this post.
but doesn't mining on smartphones have a quick damaging effect on the smartphone's hardware?
It isn't that sort of mining where the hardware of the device is used; it's a simple app where you click a button, and the system keeps mining tokens for you for 24 hours, and after 24 hours, you will have to go back to the app and click that button again. It's just a visual system created to keep users engaged, and the tokens aren't actually generated through this sytem but they are generated through the TGE.