Could a caster cause the victim to imagine that bladed chains suddenly erupted from the ground and completely engulfed them? Thus allowing for damage and restraining, if not paralyzing, the target? What would you think of an automatic investigation check to escape every round with that or would they still need to stop struggling and specifically investigate the chains?
Yes, this is the main way I've seen Phantasmal Force used. Make the target believe they're in a situation where they can't see, can't attack, and can't escape. e.g. inside a box made of cloudy ice as if someone had cast Wall of Ice. If you believe the illusion, you'll likely try to attack the walls and break your way out rather than sit there suffering cold damage and contemplating whether the walls are real. In the meantime, you're not moving or attacking the caster and their allies (you believe you can't) and the caster and their allies can attack you with advantage (you can't see them).
If targets behave in a realistic manner, Phantasmal Force can usually have the effect of a 4th- or 5th-level spell (similar to Banishment or Hold Monster) plus a little bit of damage.
One loophole is that you need to convince the target not to try to move. If the target believes they're wrapped in bladed chains but an ally tells them "Walk towards me and you'll be free!" and they try it, they'll be able to and the chains will fall away as soon as they leave the affected 10' cube. They'll still believe the chains are real but will rationalize that they (for whatever reason) move with you or release you when you try to walk.
Getting around Phantasmal Force by convincing the targets to move (and bringing it back down closer to an appropriate power level) requires what I consider some pretty implausible metagaming, though, especially for low-intelligence creatures. Also, you can set it up so that a target who moves away will have to suffer attacks of opportunity to do so.