Absent other observations and/or priors, the best estimate of your expected waiting time is the amount of time you have already waited.
So if you've been waiting 10 minutes for something to arrive, your best estimate of how much longer you have to wait is 10 minutes.
If you've been waiting 10 years for a tech to become outdated, your best estimate for how much longer it will take is 10 years.
People usually use buses as an example. So it makes sense: if the bus is supposed to come every few minutes, and it hasn't come in the last 15 minutes, then odds are something is wrong thus increasing the prob that the additional wait will also be 15 minutes.
It's the 2nd sentence in the article. So not sure using examples of perishables shows it is a terrible heuristic.
It applies to ideas/cultures/technologies.
I was mostly pointing this out because a lot of people in the comments seem to be talking about this as if it's some kind of universal law, or a proposed universal law, when really this applies to only exceptional circumstances.
The Lindy effect talks about the rare cases where this isn't true.