You could argue that Toyota did the cheap thing with the FJ Cruiser a few years back, but with mixed success. The truck is basic and no-frills while sporting decent off-road tech and a good engine for its size, but has terrible visibility and weird styling.
They also had a short run of the 26k MSRP 5th gen 4runner with the 4 banger engine. Not sure if any sold, or were they just a boondoggle to get butts into dealerships expecting a 4Runner for under 30k.
As it stands, the current 4Runner reminds me of the 80 series Cruisers--great off road trucks, but dangling on the edge of being priced out of relevance. That doesn't get better when you see most are on-road oriented models and 4x4 version sales are falling off.
You can get a new cheapass Xterra for about 26-27k if you squeeze the Nissan dealer and you wind up with a bare bones no BS 4x4 truck with 4 real doors. I should know, I almost bought one except for some reason I instead bought a Trail 4Runner for 10 grand more.
Is there anything on my Trail that I love so much that I wouldn't be willing to buy a much cheaper version of the truck and spend 3-4k on mods and tires? No, can't think of anything I'd miss. But the demographic of 4Runner owners isn't hardcore wheelers... so would Toyota feel the need to offer a cheap version of what is only seen by a few as a serious off-roader?