Basically, bluetooth sucks as a transfer method. It's slow and distance limited. Apple, as Apple often does, chooses not to implement technology it thinks will result in a poor experience. They'd rather you be mad at them for not including something than including it, but having it work poorly.
AirDrop is their preferred method of transferring stuff between devices. This uses bluetooth to discover other devices, but peer-to-peer wi-fi to do the transfer. But, you need newer devices to do this, because it requires the newer wi-fi radios that can create multiple network connections.
If your main need is to transfer photos and/or videos the
PhotoSync app does a fine job. It will even attempt a bluetooth transfer if you don't have both devices on the same wi-fi network; but I warn you, it will be sloooow; if it works at all.
Note: Sometimes Apple blows it and something they do sucks anyway, but they almost never take 'known' poor solution and use it. They'd much rather fail at something that's supposed to be better than settle for something that's already bad. IMO