Hmm... unlikely, but... yeah it's possible.
Think about it. The cheapest 360 nowadays costs the same amount, at $200 with just 4 GB of memory. The PS3 costs as little as $250. If Nintendo wanted to make a version of the Wii U with minimal internal memory, a slightly more powerful console would cost somewhere in the realm of $300.
But what if controllers and games were sold separately? Kinect proves that people are willing to spend over $100 for a fancy controller, and Wiimote Pluses are still selling for $40. If the system came packed with just a "Pro" controller, and the Gamepad were bundled with games like Nintendo Land, this would mean people could still play games like NSMBU without buying the expensive controller.
In other words, Nintendo would have found a sort of cheat. The Wii U would be a console with a commonly found, but unnecessary, peripheral.
Besides, I doubt a $200 console would be the only option. A Console+Gamepad+Game bundle could sell for $300.







