All of these except the "smarter sensor" seem like software features -- I wonder if it's technically impossible to get them on the iPhone 7 or if it's just a matter of differentiation.
That and Apple make their money from selling this hardware, so having software that only runs on new devices helps sell them.
People with an iPhone 4, 5 or 6 have more reason to upgrade to an 8 rather than a 7 than just the camera.
Sort of like a GPU, you could emulate what it does in software, but it'd be prohibitively slow.