Hopefully they focus on making it great, rather than cheap. While some are always going to buy the cheapest thing in the lineup, it has been a mistake to assume the small device in the lineup should be the 'budget' one. Same for the iPhone SE.
I own an SE and we have 2 iPad minis in the house... all of which won't ever get refreshed if Apple doesn't release new improved versions. It isn't about the cost, but the form-factor. I don't want an iPhone XR, even if it were cheaper than my SE. My family members wouldn't want an 10"+ iPad Pro, even if it were cheaper than the current 6th-gen iPad. They specifically want the 'mini' size form factor for their tablet.