I can't imagine them doing that. Here's my reasoning: You can't make everyone happy. People are already mad that the frame isn't EXACTLY what they expected it to be.
So you're proposing one solution, to appease one group of people. Essentially the same Frame but just half or less a quarter of the RAM? To save a hundred bucks?
Then what? You'll have a device that can TECHNICALLY run some games locally, but now it's underpowered. But people will get confused and try it anyway and be mad. Or they'll get confused and buy the wrong one.
They could make it painfully clear that it's streaming only, and even limit the software so it can't play locally. But people will hack it and try anyway and probably still complain.
Or claim that valve is scalping money for the higher ram version.
Or any other number of problems that involve people not being happy with them. And all of it costs them money to produce the second SKU.
Maybe they'll do it if everyone cries loud enough. But in my opinion, it's smartest to keep one product, with one performance profile to target. Just like the Deck.
It's not worth the hassle for them, and it's not worth saving $100 for me.
In my opinion.