My main problem was that our hosting company offers cheap Linux servers, but with a shared CPU that even doesn't support v2. We pay more now, but you could still run into that problem.
Live migration support may be the reason why they stick to the baseline. That's most likely to be migratable across different CPU types. Although with a bit of effort, you can figure out what is support by your fleet and configure that into the hypervisors.
I'm skeptical that pre-SSE-4.2 etc. CPUs are economically viable for running customer workloads due to electricity costs.