Exactly, people din't care about peak LTE speeds going over some insane 300 MBps level. As long as they can get a few MBps to load a webpage as fast as their moble processor (and limited ram) can handle it, they don't care about super-high speeds.
This is why Mediatek became a thing with nothing but 3G parts in China, and it's the same reason why Mediatek's (and Intel, and Samsung) early 4G entry to the market rings the death knell for Qualcomm.
That's why they have introduced the Snapdragon 410 - 4 Cortex A53 processors, a passable GPU with 720p support, and 150Mbps LTE! All selling at a bargain price competitive with all the other entry-level parts.
LTE is not a premium feature anymore, so unless Qualcomm comes up with some other must-have technology, they're going to have to transform their business to work better with commodity margins, or else do like everyone else and start making their own phones?