There are permission flags on your Smartphone and other places that curtail this a bit, but those are rather course grained all or nothing decisions. Those are like either handing over your wallet, or not, to the clerk at a store to make your payment.
There are better alternatives possible, I'm hoping they get here soon. Genode[1] is one such system, that offers capability based security, where you chose what resources to hand off to code, instead of giving it everything. This model of computing is called Capability Based Security[2].