That's not a compelling argument when the same chart also shows the iPhone SE 2022 lagging behind iPhone SE 2020, even though they have identical form factors.
When the SE2022 came out, most people preferring smaller iPhones were already using either an SE or a mini, and the SE2022 didn’t offer much compelling reasons to upgrade from an SE2020. The SE2020, on the other hand, launched before the first mini, and after four years of waiting since the SE1.
That's not a compelling argument when the same chart also shows the iPhone SE 2022 lagging behind iPhone SE 2020, even though they have identical form factors.