Comment by TheKarateKid

The music industry is 100% invested in streaming music services, so they don't care if Apple offered high-capacity iPhones cheaply.

Rather, it's Apple who has intentionally been keeping storage capacity low for 2 reasons:

1.) Push users to use iCloud storage, which isn't cheap and purposely doesn't even offer storage tiers that match their phone capacities.

2.) It provides incentive for users to upgrade, especially in an era where keeping an iPhone for 3-5 years has become common and new models offer very little from older ones.