That's an often bandied about excuse, but actually completely wrong - TI has continued to support existing customers and not only did Google go on to use an OMAP4 in Google Glass, but the Moto360 actually uses an OMAP3.

Google simply stopped supporting the Galaxy Nexus because they didn't feel like it.

That's short-term balance-sheet thinking. Which isn't a terrible way to make business decisions, but it definitely isn't the kind of thing that builds long-term consumer trust. There's a reason that Apple has tight supplier relationships and even makes a lot of their own chips: having committed to long-term value delivery, they work backward to make sure they can do that efficiently.