All phones need a screen, a battery, and a whole list of parts. If you have to split that long list of parts into 20 models, it’s logistically a lot harder than splitting it into 5 different models. Additionally, each model can also have different storage sizes, which adds to the logistical puzzle.
By the way, Apple doesn’t fare much better. Yes, the number of models is limited, but not the choice.
Apple has about 4 iPhones (SE, “normal”, Pro, Pro Max), combine it with 5 colors and 3 different sizes in memory, so you already have 3 x 4 x 5 = 60 different versions on the price list!
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