Google has figured out a way and are slowly deploying it...
When people talk about Android updates that can include several things:
- Launchers
- Apps (e.g. Camera, Browser, Calculator, and so on)
- Operating system components (services, drivers, etc)
- Linux kernel
A normal Android update has the ability to update all of the above. However most of the user-impacting and security impacting issues are at the "apps" level (since Android apps are largely isolated from the underlying OS via a Java-like VM).
So what Google have been doing is leaving the Kernel and OS components to the OEMs and providing app updates via the Play Store even onto older devices. So now on the Play Store we have:
- Chrome (replaces Browser)
- Google Services (updates a large chunk of APIs)
- Google Search (more APIs, Google Now, and so on)
- Google Voice (more APis, etc)
- Google Keyboard (built in keyboard)
- Gmail (will replace email eventually)
- Google Launcher
- Google Calendar
- Google Camera
- Google Talkback, Text-To-Speech (accessibility)
- Google+ (replaces SMS Messenger)
And so on...