[quantumwannabe]

The current "iPhone" is a low-cost parts bin model that was first introduced as the iPhone 5C. The current iPhone should be compared to phones in that family (5C, XR, SE, 8, and 11-15), not to the actual iPhone family (Original, 3G, 3GS, 4, 4S, 5, 5S, 6, 6S, 7, X, XS, and 11-15 Pro).

[elboru]

Still, the $999 price started with the iPhone X (2017), they have been keeping it for 6 years. I know because I'm finally upgrading my old iPhone X for the iPhone 15 Pro, and it surprised me that it would be "cheaper" this time (inflation-adjusted).