There's good reason to ask this question - after all the V10 has very similar / almost identical hardware to the G4 (perhaps with the exception of the additional mics), and offering the improvements that went into the V10 camera software would require very little effort. LG apparently told journalists that they want the V line to stand out agaist the G line as the more 'nerdy' / creator-type device, and the software could be used as a differentiator between the two lines. But remember that the V10 isn't being sold globally.
You could make the argument that, more broadly, LG has been trying for some time now to differentiate itself from rivals such as Samsung and Motorola and establish itself as a meaningful player in the smartphone market. Providing 'significant' software updates and feature improvements to flagship devices such as the G4 would go a long way to improve the brand's standing in the eyes of consumers and achieve that differentiation - and in this particular case, it would be very easy for them to do so if they so choose. That's why people ask.