What would the “E” stand for though?
The “SE” stands for Special Edition. (Although I don’t think it’s ever been marketed as “Special Edition”, that’s at least been confirmed by Apple execs.)
So… would the “E” just stand for “Edition”? The “iPhone 16 Edition”?
Maybe it would stand for “Entry”? (As in an entry model.)
“Essentials” would be my guess. It shouldn’t be “Edition” because Apple has previously used that to denote the most premium watches, but they aren’t always consistent, so who knows.