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Of course they should. The alternative is sending otherwise perfectly capable devices to the landfill.

Companies should be required to release everything a costumer needs to build and use a new update for their own device or software after EOL. This means source code for relevant servers and clients, signing keys, device communication tools, the whole lot.

The bootloaders should also be unlocked once the software updates stop so users can continue to use the hardware they purchased.

This. If it's end of life, let me install a community made Linux distro on it.

Yes, they should.

I have a perfectly functioning 2004 aluminum PowerBook G4 15" that could no longer receive software updates after Mac OS 10.4.2 in 2005:

[https://support.apple.com/kb/DL461?locale=en_US]

It's pretty much a paperweight at this point.

Yes, definitely