Your hardware, you decide whether to install the latest updates or not. There's no obligation and no real pressure to upgrade every time there's a new release. Some users prefer to have smoother upgrades, so they are willing to put in the time and effort to do it often. Yeah, there are benefits to doing it like that - those benefits don't necessarily make sense for other users.
I don't upgrade until my installation of Firefox says, "I can't handle the Internet any more, upgrade me or else!". This is the moment that prompts me to clean out my machine and install up-to-date software from scratch. Reasoning behind such a policy - I don't want to sink time into upgrading every time there's a new release. And no, I don't want a constant flow of updates, either.
Announcing an “EOL” is to some extent pressure. Sir Dice won’t help you (and will scold you) if you even mention something that’s “EOL’. It’s absurd. I still have a server running 9.1with Apache 2.2. Up 770 days. Runs just as well as the day I put it up..FreeBSD 10 sucked. FreeBSD 11 stunk. No need to upgrade to something that isn’t better than what you’re using.
And the entire point of major releases is that you don’t need to upgrade things if you don’t need to. I’ll just install a 14.3 kernel on my 14.1 system. To me, there’s no difference between 14.1-STABLE and 14.4. It’s just 14 with a bunch of updates and patches. A “release” is just a STABLE snapshot within a major.