You do know the modern smartphone is the most technologically advanced consumer good that has ever existed? Like at no point in history has there ever been something so small, complex and intricate in the hands of so many people. The new iPhone is going to be very expensive - it’s a luxury item and marketed like that.

They can definitely make phones for $300 and you can buy a smartphone that is more powerful than the original iPhone for $50. It probably will be a bit slow running modern apps but it may possibly still be workable for a while.