The new HomePod model might be priced between $150 and $200. For the lower price we might get lower sound quality than the first HomePod. Also, a smaller form-factor might be introduced, which actually is not a bad thing. Introducing a less-expensive HomePod model would indeed be a good move by the Cupertino company, as their speaker is way more expensive that those of its main competitors, Google and Amazon. Also, both companies have a budget version of their speakers, so why Apple shouldn't?
We've already heard some rumors about Apple planning to release budget versions for some of its products. A budget 6.1" iPhone might be on the horizon, as well as a lower-priced iPad and a budget-oriented MacBook. Nothing has been officially announced yet, so take the information with a grain of salt.