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I've spent a fair amount of time messing with the ChromiumOS source tree and I think Google's EOL dates mostly coincide with dropping support for older kernels. Hardware vendors only ship drivers and patches for the LTS kernel at the time the device is built, they don't test or port those patches to newer kernels.

OEMs don't want to spend time/money on kernel updates for old devices. They'd rather sell you a new one.

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Regardless of Android or other devices like Chromebooks discussed here, I think history has proven conclusively:

Vendor's interest to sell new devices as quickly as possible, by definition does not align with users' interest to keep using a device as long as practical - or until the hardware breaks.

If devices' hardware improves fast enough, users will replace old with new by themselves. Which makes both "pure hw company" or "Apple style vertical integration" viable business models.

But in more mature market, 'old' device = good enough. Vendor wants to sell new device, user wants to keep using old device longer.

Community developed OS (with or without vendor support) fits that situation better.

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