Since word of the new Chinese-market Redmi Note 9 series arose, Lenovo has been dropping hints that it will launch phones capable of competing with this potential budget champion. Now, there are official renders that may back this claim up.
https://www.notebookcheck.net/Lenovo-releases-new-design-related-teasers-for-its-upcoming-Redmi-Note-9-5G-rival.506288.0.html
More competitive player in the segment is better for the customer.
Tough my concern is that this segment is basically unsustainable without making side profit from selling customer data, ads in OS, and such.
Samsung manage to get close by uniforming the spec so they could built it enmasse for cheap.
Companies are moving into the low end because cheap phones are the future. The massive amount of sales in China alone makes it more profitable than the high end.