But WordPress is an "ancient" legacy mess and does not have any advanced code that benefits from PHP5 - you actually have to go out of your way to break it for PHP4. There is nothing in it that cannot be fixed for PHP4 without one extra line or two.
Note that 99.9% of WordPress3 works on PHP4 - only the security updating fails - and it fails in an uncontrolled way, not because it checks for the PHP version and stops - it actually fails silently (which is also typical WP style).
There are hundreds of thousands of shared servers that are still running PHP 4.4.9 just fine and WordPress has a responsibility to make sure security updates keep working if it's easy enough to maintain (and it is).