But I suspect they don't do that precisely because there are a lot of users who would decide they can do just fine with the last generation of hardware and software.....
Actually, that is the norm.
App Store retains older versions and provides those to people installing from older platforms. Not a choice made by the developer (AFAIK).
Thing is, I continue to get crash reports from those users - and each time, I think “please, PLEASE upgrade already - I fixed that problem!”
It varies by developer, but I have an old iPhone 3GS running IOS6 that received updates to a few apps in the last week. Pandora in particular is good about supporting older versions; I suspect that being able to use old hardware as a streaming platform is a big reason a lot of their subscribers subscribe.
I also have an iPod Mini, discontinued 10 years ago, that I was able to plug into iTunes on Yosemite and restore.