That being said it would be nice if they could provide support until a CPU-level vulnerability is found. (Or is there a decent chance that they wouldn't be informed?)
On the upside I believe that the Pixel 5 has a Google-"made" SoC so that excuse is gone now. I would love to see a nice long promise of updates. The amount of eWaste generated by a phone every 2 years is awful.
For context Apple promises 5 years from the last sale and in practice supports devices even longer https://support.apple.com/en-gb/HT201624
I don't think Google can change anything about this really. Qualcomm is the only non vertically integrated vendor of SoCs with the wanted features and quality Google needs (apple is vertically integrated). They don't have any buying power towards Qualcomm. In the hardware business, they are a niche provider. 2% market share in North America, world wide even less.
3 years from the date of release is horrible. My iPhone 6S is coming up on 6 years of OS updates and will get at least 1 more with iOS 15.