Completely different. A console has games written for it. A simpler version of a console means games won't target the better version 100%. So in your example, people would mind a cheaper model Mercedes if it meant the race-tracks were designed for that cheaper Merc and didn't push the expensive Merc to its limits. owners of the expensive Merc would be disappointed that all the race tracks were a little limited and they couldn't see what their car could really do.
Now there's a big debate as to just how much the flagship model will be held back, if to any noticeable degree, but the product comparisons you make are invalid because the console market is (currently) unique in how it works. You buy one console from one side (most people won't have multiple machines) and it'll last 7+ years and you want the best from it and devs to make the most of it. I can't off the top of my head think of any comparables, because of the closed ecosystems, the way software can be optimised for specific systems, and the long product lifespans. All other products are interchangeable and replaceable with alternatives.
If consoles move over to frequent iterations like a phone or PC/Mac, then it will become a product family where people won't mind there being tiers of product. Until that happens, the Lockhart 'hate', even if it doesn't amount to much, is at least understandable.
Throughout the current generation we have seen how developers released their games, having differences between ps4 and xbox one versions according to each machine's strengths.
In fact, the last coupe of years we have seen them deploying simultaneously not two but FOUR versions of their product, including the ps4 pro and xbox x versions, and typically the performance would be xbox one < ps4 < ps4 pro < xbox x
I think developers are smart enough to figure things out and not so easy to get "hold back".
Also, if I am not mistaken, microsoft have already released their new xbox development tools pack, a comprehensive line of tools that facilitates the work of producing one game, lets say for xbox series x and trickling it down for the lower spec machines, even down to mobile.
Finally, I am not so sure about lockhart being a "1080p machine", as we have seen a myriad of different techniques for image reconstruction, producing higher resolution images than h/w permits. as an example, most ps4 pro "4k" games.
So I guess series s will not be native 4k, but it won't be 1080p either.
It will be very interesting to see how microsoft has developed lockhart, and personally, having seen how xbox h/w dept has done with xbox x and now series x, I haven't got the slightest concern that suddenly they became so stupid as to produce two machines for next gen that sabotage each other.
