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.