Meta's lower cost version of the Quest 3 should be named Quest 3S, a new leak seems to confirm.
As of this writing, multiple official Quest store pages list support for "Meta Quest 3S, Meta Quest 3, Meta Quest Pro and Meta Quest 2." Below is a screenshot example from the Alo Moves XR app:
We've been closely following evidence Meta is preparing a cheaper alternative to Quest 3 to replace Quest 2 in its lineup. You can read our recent round-up summarizing everything we know about the device, which is likely to include older lens technology to cut cost while still resembling the Quest 3. Quest 3S should also carry the XR2 Gen 2 processor that's at the heart of the Quest 3, meaning it should run the same VR content at the same quality level.
Quest 3 was announced on June 1, 2023.