Well the amount of response to my post suggests maybe there is actually demand of this from parents that don't want to pay more for an iPad.
Handing down the typical iPad 4th Gen or Air to a younger child demands you equip it with some sort of OtterBox. I cannot tell you the number of cracked screen iPads I have seen in the hands of 5-9 year olds...mostly playing Minecraft or watching YouTube/Netflix/et al.