Maybe, but the problem is investors usually want growth. If customers only buy something once every decade, sales numbers drop hard. That’s probably why companies lean toward shorter product cycles.
I had a Pixel book laptop that I have used for like 6+ years now and I got it after it had already been used for a couple years. I didn't upgrade for years and I think that's why Google stopped making their own laptops, it just outlasted everything else and I didn't have to buy anything new. It just doesn't make sense to do that from a business standpoint.