They doubled the price while removing core features like headphone jacks and microSD.
The people who bought phones as a status symbol ran out of money and the people who are advanced users are sticking with their old phones that are simply better until planned obsolescence forces them to buy another older model.
I haven't felt the headphone jack removal as much as I thought I would, though I've had a few sets of Bluetooth headphones for traveling since about 2014 or so