There are few things quite as emblematic of late stage capitalism than the concept of “planned obsolescence”.
But they kinda sorta do. It is not like Chromebooks are locked down like an iPhone. I had an old Samsung Chromebook, you could just turn off trusted boot with a flick of a switch (okay it did reset your device), and just run what you wanted. It’s just with arm based stuff running what you want is not trivial. You run what you can which is often nothing.