While it may be a good device, as far as updates are concerned it's too old. Consider how many devices Samsung releases every year - Galaxy S, Galaxy Note (phones), Galaxy Tab, A-series, J-series. Imagine having to be the one to tell the CFO that it makes financial sense to spend money updating a device released 3 years ago. Yeah, that doesn't go over well.
It happens with ALL types of software, at some point the decision need to be made to shut off support and updates for older versions because the user base just isn't there to make it worthwhile to continue support. Sure, it's disappointing for those still using that software (or device in this case), but it has to happen SOMETIME.