I’ve had an Amazfit Band that I was trying out, and is essentially the same as Xiamoi Mi band. It’s ok for the price. I don’t believe Apple would ever go into that product category. Apple already has the Watch SE as their ‘budget’ option, and logistically it makes sense for their supply chain/parts usage. This is the same strategy they use for their iPhone. They already have the chassis of the SE from previous generations and reinvigorate it with the latest chip.
To make a new (cheaper) fitness band takes R&D, and who would they even market this to? They play in the higher price brackets, and that means a larger profit margin for Apple.
To make a new (cheaper) fitness band takes R&D, and who would they even market this to? They play in the higher price brackets, and that means a larger profit margin for Apple.