It’s probably not possible to make a eLicenser that small yet. But with hardware copy protection dongles, you have to find the right balance between making it tiny to make it harder to break but not so small that it’s impossible to find in a bag if you unplug it.
Steinberg introduced a smaller eLicenser some time ago. It’s slightly smaller than the new iLok.
The small size makes the plastic shell much less prone to breaking. It has been around for some time and so far I’ve only seen one report of that happening. Normal accidents are extremely unlikely to damage the circuit board.
I would still like to see a metallic eLicenser, but I think this new model should be good enough for almost everyone.