Even if Apple released it with a budget price in mind, the SE is still loved by many today because it is small. If you ask me it's an outdated form factor and people should just stop whining and get the 4.7" iPhone 8. How is the iPhone 6/6s/7/8 too big? It's barely larger than the SE.
I can reach the upper corners of the phone with my thumb when I held it in one hand, but barely. I need this frequently, so anything bigger is too big, period. I've switched from an 5.5" android. I rarely used it, it didn't fit my pocket comfortably, so it was in my bag. Basically it was a very bad and small tablet, in most situations either I had a laptop at hand, or it was too complicated to pull out. I use the SE much more, because it's so easy to handle.
I paid a premium for the SE compared to my earlier android phones because it was small. If I am only left with big screen phones, I won't pay triple the price of an average android for a phone I would barely use. What you all don't seem to understand, that the biggest selling point of Apple is it's ecosystem. If one brick falls out, the whole thing becomes unstable. Without an iphone, having an ipad or mac is not a must have. Also using apple services (icloud, music, tv) becomes complicated or impossible. Apple wants to rely more on service revenues. That won't work if part of the user base leaves, because they don't want to spend on RD. FFS, even if the sell only 10 million small phones with a profit of 100 bucks each, that's one billion dollars. Plus the benefit of keeping them inside the ecosystem, the app store, services sales, the word of mouth marketing.