Earlier quoted context omitted.
Studies have shown that when companies present an overwhelming number of choices, consumers often end up spending more. The psychology behind this is rooted in decision fatigue, where consumers are more likely to choose something familiar or assume that a more expensive product is the best choice.
Ah, psychology. Pretty sure that worked on me. I waited for the iPhone SE 4 (now called the 16E), then when I saw the feature set for the price, just went for the vanilla 16. This was while I was knowing exactly how the 16E was acting as a price anchor to move me to the next tier.
Yes, the expensive version anchors the price higher, but it always felt like a gift, in that they had picked the middle version that balanced performance and price already.