In my experience, people haven’t tended to use just “last two versions” with Browserlist: IE has normally been special-cased historically, and Safari has regularly been special-cased in some way, and Safari has actually been the salvation of the “last two versions” strategy because it dragged the baseline down to a more acceptable place, where “last two versions” of only Firefox and Chromium would regularly be disastrous. It has long been a really poorly-thought-out mechanism.
The other point you’re missing is user adoption. “At least one year” for Safari is one thing, but “five weeks” for everyone else is pretty crazy when you look at actual update statistics.
I'm hoping that we'll be able to identify better usage data and a better understanding of developer expectations to refine this definition.
So if Safari is adding a slew of major features once per year, and Firefox 6x per year, it doesn't matter. We have a baseline of what features as developers we can now implement without worrying about which browser version supports this or that. We see the baseline, we add the feature.
Last two major versions has been utilized (unofficially) by most people through Browserlist. It's been both suitable and productive.