It's totally valid.Not exactly valid as 5C got watered down processor vs 5S.
The 5c was not and was never intended to be the flagship (but it WAS superior in features to the 5). That went to the 5s. The iPhone SE is not and Apple does not intend it to be the flagship iPhone (why does everyone think this new phone was supposed to blow the 6s out of the water?).
Apple, did, however see fit this time around to give the SE a metal casing instead of a "premium" plastic casing. And if you look at the phone as the upgrade to the 5s as I believe Apple intended it to be - it's not an inferior phone.
It's all about your perspective.