The iPhone SE was a very popular phone. When it debuted in in 2016, it solved a couple of unique problems for Apple and its users. The iPhone 6s and 6s Plus had just been released the previous September, with high prices and a new larger design. The iPhone SE took the processor and camera from that phone, but stuffed it into an older, smaller, cheaper design—the body of the iPhone 5s.
This gave users a phone with all the prowess and power of the latest model, with a smaller size and much lower price.
Even since then, users have been clamoring for an update; an iPhone SE 2 that would give them the latest technology in a tiny, affordable package. Well, the latest rumors state that Apple may indeed be gearing up for a sequel to the iPhone SE (which may or may not carry a different name). It would essentially be an iPhone 11 stuffed into an iPhone 8 body without 3D Touch, making it powerful but much more affordable and a little bit smaller, but not the tiny 4-inch size some iPhone SE fans are clamoring for.
