I think that most of us are using mobile devices with one hand and they are more reachable on the bottom. Some browsers, for example, had moved the address bar from the same approach.
I like it, and I think we need some time to process this. I mean, to try out the change for at least a week or two, because the things we do automatically tend to react negatively when faced with a sudden change, but once we get used to the new system, the overall outcome may be positive.
As a side note, I was one of the folks who DIDN’T want a touchscreen on my cell phone 