Compact point & shoot systems are not far behind. In fact, they are still being sold in sizeable numbers albeit less than what they used to be a few years ago (and for that we can blame smartphone cameras). The allure of point & shoot system cameras is definitely due to their compact size.
The disadvantage with these systems, on the other hand, is the small sensor size which renders them pretty much unsuitable for low light photography. Also, they are fixed lens systems, which means you are pretty much limited to the capabilities of the lens that the camera comes with.
Then there is a whole list of compact point & shoot systems which are extremely rugged and designed to be used in almost any condition. These cameras are worth a look if you are interested in all-weather photography and especially, underwater photography. These are designed specifically for the purpose of shooting still, unlike the action cams which are designed mainly for video.