Which is why this came out in February, after most of the sales of the iPhone 16 are done.
Which is also why we will probably see the discontinuation of the regular iPhone 16 this Fall when the iPhone 17 is introduced, with this 16e staying on at the same price for an extra year.
While I'm not an expert, betting on the older model staying at the same price point until after the next model is released is a fairly safe bet, if you don't get an ever bigger discount once the next version comes out in the fall. Unless their own modem fails horribly, it seems they will continue with the new modem on the 17, driving the 16e price down.