<https://josebriones.org/dumbphone-finder>
Once you're into the Android or Android-adjacent OS territory (LineageOS, SailfishOS (the Callback runs this), /e/OS, iodeOS, etc.), prices approach flagship mainstream Android or iOS devices ($600+ generally), and LineageOS specifically requires Google Pixel, at least until the Motorola partnership bears fruit.
And yes, scale of production and the need to be self-supporting rather than relying on business partnerships, advertising, and surveillance capitalism does tend to incur some price premium, though it's still quite possible to find affordable options.
I'd strongly recommend taking a look at Jose Briones's Dumbphone Finder (mentioned and linked above), his website (<https://josebriones.org/>), Substack (<https://josebriones.substack.com/>), and YouTube phone-review channel (<https://inv.nadeko.net/channel/UCFtVwG0NFd6gT3TXfMCU7oA>) in general, and /r/dumbphones on Reddit for more information. I'm going to write a longer top-level comment summarising the current state of my own research into this topic.
There is a larger community oriented around alternative mobile devices including more reviews and technical information. Given that manufacturers often obscure rather than clarify features and capabilities, this is often a preferred source.
If they collab'ed with some AOSP-based alternatives and/or Jolla, they could build up a really nice alternative market. Especially because these niche phones generally have worse quality than what HMD can offer and being a Finish company, they could play well into the European tech sovereignty story.
I would absolutely have another if there was an updated one.
I hear that in China they have a lot of franken-PCs reusing recycled chips because they have all the PCB-level design and manufacturing expertise but they can't make chips. They'll take a GPU off its graphics card and solder it onto a laptop, or the reverse, stuff like that. And each design in low quantities based on what models of e-waste they can get. Pine is one of that kind of company although not nearly as extreme. A lot of their plastic cases are repurposed from other devices. The A64 chip is designed to go in set-top boxes. They don't do low-hundred quantities based on e-waste, obviously, they are set up for mass production but they're still using whatever parts they can get their hands on that are surplus to other companies' requirements. That's half the reason they discontinued so many products.
No one designs a product to get manufacturers, all they need is to make a profit.