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Have Apple shot themselves in the foot with their iPhone naming conventions?

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Your Mac's Specs
2019 iMac 27"; 2020 M1 MacBook Air; macOS up-to-date... always.
My guess is as follows:

2014 - The 5s will go away and there will be a 6. The 5c will get a spec bump and remain a cheaper 2nd option.

2015 - The 6 will go away and there will be a 6s. The 6c will be the new cheaper 2nd option with likely minor spec bump.

I agree. I very seriously doubt that next year's "cheaper" model will have the fingerprint sensor, if ever in the future. It's a pretty significant differentiator for the flagship model, not to mention that leaving it out helps reduce the costs of the "cheaper" one.
 

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