The reason why this does not happen with Linux kernel is because Redhat and Canonical go to great lengths to backport kernel patches, which by proxy affect all the distos based on them. Also because Linux desktop is not big enough for OEM's of the majority of PC users to care about.
Android is a flavour of linux that went big. The fact that OEM's can clone the kernel and put their own drivers into it without being forced to update is what causes the most grief in Android world.
But if you're talking about distros (or some vauge distro-like prepackaged blob of Linux + userspace), it does happen. There are a lot of specialized Linux distros out there, and they aren't all on long-term support with security backporting.