That is just an excuse from Google that many blindly accept.
First, of all there are legal obligations known as contracts. If Google was serious about Nexus 5 support from OEMs, it would have had contract in place that would assure the necessary support regardless of what OEMs would decide.
Secondly, Treble is yet another solution that will die, because Google, again, decided to leave to OEMs the task of delivering Treble updates, without any kind of legal obligation.
Additionally Android devices that get upgraded to Oreo aren't obliged to be fully Treble compliant, only the ones released with Oreo.
So, many new devices planned to be released in 2018, are based on Android 7.0.