The notion of speed is meaningless unless you make it clear how you're measuring it.
An "inertial frame" is (in Einstein's paper) a system of clocks and metersticks. His postulate means that if you set up all of this infrastructure according to a certain procedure, and then measure certain quantities and divide them, you'll get $c$.
If you set things up differently and measure different quantities, you may get other values. That's fine; there's no law that the speed of light has to be $c$ with respect to any system of coordinates you can dream up. Any theory based on that kind of rule would be incoherent, because I could define coordinates $t'{=}t, x'{=}2x$ and show that the speed of light is $2c$ and therefore $c=0$.
The postulate of the constancy of the speed of light has physical content because you can show that there are many different relatively moving inertial frames with respect to which the same beam of light has the same speed $c$, which doesn't happen in Newtonian physics.
Einstein's two-postulate presentation made sense given his audience at the time, but I think it's unnecessarily complicated, because inertial frames are such complicated objects. There's a nicer development of special relativity popularized by Hermann Bondi whose fundamental non-Newtonian postulate is the symmetry of Doppler shifts.