It's like Intel with their Celerons... except AMD wants to charge Ryzen 3 prices for it. You do get 3 Ghz at least. The lack of boost is probably deliberate in catching chips that can't clock high too.That's pretty gross, static 3 GHz as well. If nothing else it should be significantly below the 15W TDP in real usage.
It's tough to think they are getting that many chips that need to be cut this far down though.