Ringtones are a big business. That's why you see so many ads for them on the back of teen music magazines. You can make your own ringtones on any Android or iOS phone, and even some non-Apple devices like stock Google Pixels and Samsung Galaxy phones. All you need is an audio file in the correct format and a little know-how.
To create a ringtone on a Mac (or Windows PC with iTunes installed) select the music file in your library, right-click or Cmd-click and select Convert Selection to AAC Ringtone. This will create a new file with the same name and a.m4r extension. Drag this file into the Ringtones section on your iPhone and sync.
Ringtone Maker-Audio Cutter is free to use, but it does contain ads — you'll have to watch a video every time you save a ringtone and occasionally as you move between the tools in the app.