Incidentally, my own upstream uses a twelve-year-old router. I know where it is but I'm not sure that cupboard has been opened this year.
a five-year lifetime is is business decision balancing customer expectations and maintenance cost (including keeps a hardware stock of these routers in each continent, sometime even in country for specific countries, keep development alive, etc.).
You may say they underestimate the willingness of their customer to buy a new router after 5 years, but they definitely know that a huge proportion of their customers are running woefully out-of-date and unsupported hardware/software.
Same for all on-prem vendors and a major reason why moving customers to cloud is so appealing for so many vendors.
If you buy one of the popular firewalls, you need a subscription for it to actually work. Once it's expired, you lost your web filtering and IPS and whatever 'modules' you've subscribed to using.
A 3 year subscription is often as much as the hardware.
It's kind of a waste, it'd be nice if there was a OpenWRT style firmware you could load on all the old Fortinet, Watchguard, Sophos, etc firewalls out there.
EOLing a laptop that's hauled around is one thing, or a server with a CPU that's configured to run at the limit of what its cooling system supports. But routers are little boxes that run at very conservative clock speeds and a correspondingly high MTBF, are never moved, never reconfigured, never given new software to run, and to which its users hardly ever pay attention. Five years is unreasonably short for that kind of device.