The same thing happened to Porsche. It used to be a brand that was for those with truly great taste. They could turn heads and become the subject of conversation just by driving past. But now, anybody can buy one at some crappy used car lot.
Remember back when you could get a whole conference room full of meeting attendees to stop and redirect their attention just by pulling out an iPhone?
Nowadays every pimply faced high school loser has an iPhone. And Apple wants to make them cheaper?
Whatever.
I see your point and support your opinion over cheapening the brand, though comparing Porsche to the iPhone (Note: Not Apple) is not a good demonstration; here is why:
Porsche if anything are the Apple of the sports car world. They produce fantastic products which are well made, easy to manage and do not let down.
The difference is not EVERYBODY can buy a Porsche. Sure, you can purchase an 'old' porsche for not much, but try to run it - reasonably, you just cannot.
On the other hand, anybody with the means to have an iPhone, can get an iPhone. Why? Contracts.
Unfortunately, brats owning them in the school is not Apples fault nor even the phone providers but the parents...
Just look at this forum; it is crawling with disgruntled teenagers and total idiots whom of which with half a braincell would realise your thought pattern, instead they would rather rip into you..