Regardless of whether Apple is penny pinching or not, it is 2019 and all T2-equipped Macs that incorporate a FaceTime camera should be at 1080p, given that one of the USP’s of the T2 is that it performs image processing functions, irrespective of the fact that the Intel CPU in most of these models is beefy enough by itself. The extra weight and thickness is trivial at this point. The 2018 MacBook Air is a complete mess anyways, so none of this should come as a surprise.
A rather anemic dual-core 5w Y-Series CPU instead of the more powerful 15w quad-core Whiskey Lake U-Series (i5-8265U and i7-8565U), a single CPU choice, no Bluetooth 5.0 while almost every other device Apple shipped in 2018 had moved to BT 5.0, a meager 128GB starting storage tier, no 1TB SSD BTO option but a 1.5TB option at an outrageous upcharge, a lower resolution Retina display than what should have been specc'd if this was to be a TRUE Retina successor to the 2015/2017 MacBook Air, half the available ports of the previous version, no SD Card slot (which makes more sense in this model than the Pro) and a $200 higher starting price while the previous-gen model retains its pricing from 2017.
To me, the 2018 MacBook Air is trading on the name while failing to provide the value of its predecessor. Even with its faults (8GB DRAM max and poor display), the 2010-2017 MacBook Air is probably one of the top 5 most iconic Macs ever produced. The new version just seems like a pale shadow, even if it has a slicker wrapper.