I think the XR will be a big seller, (possibly a supercycle), but it's not necessarily price related, but the first major revision to the iPhone lineup since the 6 that is in the < $1000 price point. A lot of people will be willing to spend that type of money, since they'd have been willing to spend it anyways
the only time that the XR really starts to look/feel "cheap" is compared to non iPhones at the same price p oint that offer a lot more modern hardware. such as OLED displays at higher resolutions, memory and smaller bezels around the sides.
the XR is just a weird device. it seems like the next step from the iPhone 8, and not necessary a "cheaper X". in addition the size is ... middling and not necessary what people overall were looking for in a "budget" device.
I think when rumour of a budget device was announced we were all hoping for a slightly larger SE with all front display, not a 6.1" fairly lower rez LCD that's between the Xs and Xs+K