As a consumer, I think this is ridiculous. Yes lifetime should be of the product not the buyer (after all, if one drops dead right after buying an electronic, that shouldn't mean no more updates) but reducing "lifetime" to 3 years is deceptive.

However, I think this is another case where marketing makes a promise the engineers can't/won't be able to meet. Trying to keep legacy hardware/software updated can be a challenge and at some point it's just not productive. The hardware is way outdated and the software is no better. You don't want to be working on Windows 10 while still being required to maintain backwards compatibility with i386 computers. Heck, at some point it'll become less expensive to just give owners of those old hardware new devices instead of having to create and maintain software for old hardware.

A fair solution is to outlaw these kinds of warranties. At best, it's confusing. And at worst, it creates expectations that can't be met.