No, I'm not saying it does. Single fixed function devices seem to have a longer Mean Time Between Replacement.
I would argue that you're comparing apples to oranges here. Say Fitbit (of which I'm a user) came out with a new improved version that's more accurate, lasts longer between charges and tracks more aspects of my health. Would I replace it - yes.
When the device is part of a service, when you look holistically at the product as a service then I believe concepts such as 'date of expiry for hardware', 'it could end up as a useless piece of electronics.' are moot.
When you upgrade to the lasted version of an installed software application, and the previous .exe can't read the new file format is it 'a useless piece of software?'. Technically yes, so what is different here?
I would argue your point is moot. How old is the average, working smartphone? When did you replace your desktop, your flat screen?