The original iPhone SE was almost a no-compromise iPhone for $399. Apart from the screen size, which was a compromise for some but a plus for others, it had current design, current chip, RAM and camera same as flagship iPhone. Fantastic value if you didn't mind a 4" screen.
This current SE is not that. It's just a cheap (-ish) iPhone, outdated already on release in almost every way.
I assume that SE 3, should it happen, will unfortunately be the same. Likely an iPhone XR design, which will be 4-5 yo out of date by that time, bezels will as look ridiculous compared to all the competition as the SE 2 (iPhone 8 design) looks now, an LCD screen still, a notch while it will be gone on the flagship iPhone, and of course camera heavily compromised too.
I disagree. Apple stuck an outdated 1.3MP front camera on the SE and used the same modem as iPhone 6 (Snapdragon X5) with 1x1.
The SE2 is more well rounded. Much more reasonable 7MP front camera and the same modem as iPhone 11/Pro.