Huh, I guess my history been different, I always understood "innovative" as something like "new and different".
Making something cheaper can be innovative, depending on how you achieved that. But if you launched a product that is the same as a competitor only because it's cheaper, because your company is funded by VCs who can continuously inject cash to bleed your competitor, I wouldn't call that "innovative" at all.
But if you instead had figured out a way to actually create the same hardware but in a cheaper way, so that's why the price is cheaper, then you did innovative in the creation process, but I still wouldn't call the finished product innovative, I'd be more focused on the process itself.
Making something cheaper can be innovative, depending on how you achieved that. But if you launched a product that is the same as a competitor only because it's cheaper, because your company is funded by VCs who can continuously inject cash to bleed your competitor, I wouldn't call that "innovative" at all.
But if you instead had figured out a way to actually create the same hardware but in a cheaper way, so that's why the price is cheaper, then you did innovative in the creation process, but I still wouldn't call the finished product innovative, I'd be more focused on the process itself.