Yes the lowered the price, but they also lowered the price for the regular 12 too. The problem wasn't necessarily the price but the price gap of only $100. That made it only appeal to those who specifically want a smaller iPhone as for just $100 more you could get a bigger screen and much better battery life. This is in contrast to what made the original SE so popular. There was a $250 price difference between it and the 6s AND it actually had better battery life that the 6s. They just weren't/aren't able to do that with the 12 or 13 mini.
It is going to be interesting to see how the new 14 Plus sells compared to the 14. Too bad they aren't being released at the same time. At what point does a "smaller" size outweigh a bigger screen and longer battery. There has to be a limit as if not then Apple should just add cellular calling to the iPad Pros and stop making iPhones!
Personally I still hope that the mini makes a return as the next SE or Apple better yet decides to put the mini on its own ~2 year cycle like the SE. While the percentage of sales is low compared to other iPhones, they still sell a ton of them versus pretty much every other companies highest selling models.