As an engineer you can argue and plead with management to not release something that you don't intend to provide timely updates with a well-communicated support time. Like a 2 year warranty that's prominently communicated, this would highlight to consumers that it's unsafe to use the device unless disconnected from the network. Just like a car that doesn't pass your local safety regulations is not allowed into public traffic.
Actually, I'm surprised modern cars do not require periodic zero-expenses-for-the-owner software updates at licensed dealerships. You can explain to a driver that tires go bad because they drove X miles and have to be paid for, but you cannot argue that software updates need to be paid for because from the time they bought it Y days have passed. Take the Samsung battery optimization that went wrong, where the separation layer was a tiny bit too shallow. It's fair to assume some regulation will follow for safety purposes. Similarly, networked devices, which are not (and cannot be?) microcontrollers with mere 500 lines of code, have to be regulated in terms of software updates.
Now you may say the industry will go broke if they're required to provide upgrades, or less devices will be made, but I think this will lead to consolidation of the software stack, which is mostly a good thing, as those who want to produce dozens of cheap IoT devices can do so without hiring kernel developers. It's like other industries where cheap toy makers source materials like plastic from vendors, knowing it's safe, or create the materials following a detailed recipe which is certified.