But it can copy the sound of a phone call to separate channels, or copy the data being sent (even on wifi), or it can activate emergency messages or broadcasts. It can also transmit audio and video when the phone is not actually in a call. That sort of thing.
In practice there are a great many different basebands and of course most states couldn't be bothered to actually write a decent system to use them (well, they tried forcing carriers to do it for them, but anyone who ever worked at a large carrier on a big project can tell you how that went), so only lowest common denominator features are in practice accessible. That means location and getting audio. But nothing is stopping countries from implementing more. I bet the NSA has something with a lot more features, for example.