Apple is able to patch the newest version without regressions but not the older versions?
Backporting to older releases means finding potentially new solutions to the same problems depending on where the bugs sit in the codebase. This could also mean backporting more than just the fix itself, depending on how the codebase has evolved.
It's the reboot, for me. It's just inconvenient enough that I put off upgrades for a long time, usually. I usually apply iOS updates promptly, because it's much easier to say "yes" to those since it's not going to lose much useful state on re-boot. Plus they seem to complete a lot faster.
Apple doesn't support old hardware as long as Microsoft/Linux.