They're forced into this, they were going to release a XR with 5G and new chip but the SE 3 got utterly slaughtered in sales and non bias media reviews because of the 8 year old design, dated 720p LCD display and puny little camera.
While Google, Samsung and others released FHD OLED equipped phones at cheaper prices and the rest of the world isn't locked into iMessage peer pressure like America and will happily buy value for money in the current climate.
Something Apple needed to learn a lesson and now they're rushing to flog this left over iPhone 13 but rebranded and probably at a higher price.
I hope it tanks.
Should be a 13 Mini with a new chip, 3 colours (midnight, starlight, red) and same price, stop letting them rip people off with mid level specs at premium prices.