That’s a pretty steep discount! However it’s not live yet on the Google Store and apparently it’s limited to the US market for now.
Source: https://9to5google.com/2023/08/06/pixel-6a-199-discount/
EDIT: even at this time the deal is still not live on Google Store, looks like they might have a supply problem.
On Google Fi however it is listed but it is out of stock:
EDIT 2: looks like Google canceled the deal.
looks like it’s out of stock already on Google Fi (see edit), might have to wait to see if they’ll still go through with the deal on Google Store