The Apple iPhone SE is not the first smaller iPhone that Apple tried to sell. A few years ago, they release the Apple iPhone 5C and while the new SE and the older 5C both came with a 4inch display screen, both these models are far from the same.
The Apple iPhone 5C was released as a more affordable version of the iPhone. It came with a much lower spec and had way fewer features. The Apple iPhone SE on the other is a smartphone with premium specs that has a smaller display screen.
The Apple iPhone 5C came with an 8MP rear camera and a 1.2MP front camera and had a maximum internal storage space of 32GB. It was also fitted with an A6 chip. The 5s at that time came with an A7 chip.
The Apple iPhone SE comes with a 12MP rear camera and a 1.2MP front camera and now has a maximum internal storage of 64GB. The device runs on the latest A9 chip and M9 motion co-processor, the same ones that are on the iPhone 6s right now.