The Playstation2 was produced for 13 years, Xbox360 for 11 years. The CPU I am having in my PC is 10 years old already as well. Long lifespan is not exactly impossible in tech.
Also bringing up the original iPhone is a strawman, as that's not going to be supported by this law any more than it is today, newly released phones however are. And since technological progression has slowed down a lot in the last few years that really shouldn't be that hard.
> People don't carry game consoles around in their pockets all day
No, but most people also don't need SoCs which performance doubles every 2 years. If the software was properly written and optimised (which would be more common if the firmware developers expected the hardware to have a long lifespan), there would be no reason any phone manufactured in the last 7 years to be sluggish. Anyway most people just want their basic apps to work (e.g. phone, emails, whatsapp, agenda, hotel booking, photos, maps, chat, music player, etc.), none of which should require a very powerful CPU or tons of RAM...
I'd also argue that lack of software support has got to be one of the primary reasons phones get refreshed at the rate they do. I keep my phones until the vendor stops shipping software updates. If today's iOS remained compatible with past devices, I'd probably still be using my iPhone 3. There's no reason it doesn't have to, either. Apple and other phone vendors deliberately choose to drop software support for hardware they consider "too old".
Also bringing up the original iPhone is a strawman, as that's not going to be supported by this law any more than it is today, newly released phones however are. And since technological progression has slowed down a lot in the last few years that really shouldn't be that hard.