Dropping windows 10 support is a pretty big lever to apply pressure to get people to upgrade to 11. Oh turns out you also “need” to buy new hardware to run it.
Why didn't that go further? Presumably virtually any x86-64 box currently in circulation would be fast enough to run a VM running a full copy of 32-bit XP/Win7/Win10, or even a full carousel (or download store) of DOS and early-windows releases. It could be the most compatible Windows ever, solving the weird "64-bit systems can't run some 16-bit apps" gotcha and perhaps allowing some way to bridge in support for devices that can only be driven by old 32-bit XP drivers.