They did increase the RAM for the iPhone17 by 50% (8GB -> 12GB [sorry, there was no RAM bump, I was looking at the iPhone17 and iPhone17 Pro page and confused the 17Pro RAM for the 17 RAM amount]) and the 128GB storage option is gone, so the 256GB option is the minimum now, for the same price as the initial iPhone16.
Fortunately different Operating Systems have different RAM needs and they’ve been making the trade-off between power usage (battery weight) and RAM fairly well.