I think we'll get an updated (A15) SE in the same body. At that point, the $399 iPhone will have a two-generation-newer processor than the 11, but the 11 has the larger, full-face display, OLED, two cameras, cooler color options, etc. Some people consider that worth $100, even with a two-year-old A13.
I'd rather have better overall performance, not being a camera or display junkie. Anything Retina is good enough for me.
See...nobody knows what the SE will do or be, making it automatically the most intriguing product in the lineup. There's a reason I wrote what I wrote above.
It could go in all kinds of crazy directions, but I think the safe money is on "two more years as an iPhone 8-based thing, then it becomes something else".
A more recent (July 2021) 2022 iPhone SE rumor.
Nothing earth-shattering, but they seem to think the A15 will go into the current body. Fine with me.