The reasonable life of the equipment should be based on equipment type. It should also be clearly described and communicated to consumers how much support the manufacturer will provide the product over the life of the product and into future.
Manufactures should have to estimate how long a product can last and will receive updates based on their testing and in reasonable conditions of use. And what environment it was tested in.
Also, based on the Samsung recent leaks where many accounts were related to IOT devices we know the security risk is not just at the device level but in a broader sense the company itself.
How a company manages and deletes / archives data safely is a paramount issue that also flows into securing IOT devices better as well.