> surely as far as the carrier is concerned, all traffic from the mobile device is the same
Going on a bit of a tangent, but deep packet inspection can identify packets routed using NAT, so if the phone is operating as a typical hotspot it would be identifiable by your carrier. Carriers in the USA used to block / denylist / charge extra for tethering using this exact approach.
Deep Packet Inspection presumably requires a certificate to be installed on my device to allow my connection to be MiTM'd.