I'm sure they could easily set a power limit to 70 watts or so to run it off the slot only for low profile variants.
I would certainly be interested in seeing this card run up against a 1650 in real world benchmarks from someone on YouTube.
To get 75w, you would need to reduce boost clocks to around 1450 mhz instead of the 1850 mhz of the 5500xt. Best case scenario would be 80% of the performance of the 5500xt if there are no vram or bandwidth limitations.
The 4 GB GTX 1650 already gets close to 80% of the 5500xt performance and that is the GDDR5 version. If someone is on that tight of a budget, they will likely find a used 1050ti. There is just no way for this card to win, even at $130.
Again, a 6GB frame buffer would have made it attractive to niche markets.