I guess that would depend on your definition of cheap!
Are "cheap" smartphones actually worth buying?
Inexpensive ones are.
I have a Samsung J7. Does everything I need it to do and has a lot of features I don't use.
I guess that all depends on what you consider "cheap". Some people think you have to spend big bucks to get something worthwhile. I disagree. But then I don't spend my entire life on my phone either.
I had a cheap Samsung Galaxy for a few years. Frustrating! But the thing died on me (long story) so a few months ago I bought a Galaxy S7. It's their top phone and the thing is amazing. I have no regrets about paying top dollar for it. Read the reviews.
It's totally depends on your definition of cheap.
Each company has their finalized price after production process. If it's too expensive or cheap. It's up to individuals.