1. The loop of just regular maintenance. How long is that version of Node supported? 2 years? Alright assuming you did literally nothing, no bugs, nothing else your software is already needing to be tested against a new major version in just 2 years.
2. External loops, integrate with XYZ platform? Oh version 1 is EoL in 2 years? Guess you need to get on upgrading to API version 2!
3. Someone uses your out of date software and runs into an issue, now they email you, tweet at you, complain that your software sucks and you should support it better. (My first job would get this all the time for software we released 6+ years ago) Oh you fixed that bug in the new version? "I should get it for FREE!!"
Who is going to do this work for free?
Even if you cut the support emails down to a minimum, that alone costs money to automate...
Another favorite of mine was complaining about price, "$5,000 for a perpetual license?!"