They sold millions of minis. My guess is SE owners don’t upgrade as often. I wasn’t expecting Apple to sell as many as the iPhone 12 Pro.For years I begged for an iPhone with the form factor of an SE but with flagship specs and no bezels. Apple finally delivered with the 12 Mini. I bought the phone and love it to death. For me the value is there but for others less passionate about the form factor I think the phone might be too expensive to justify its existence. Apple will either have to reduce the price (including possibly trimming the specs to keep their margins), or discontinue the phone entirely. It'll be a sad day for me but I'm so pleased Apple even made the 12 Mini that I'll accept that fate with gratitude nonetheless.