Apple

There are a lot of companies that don't need to push something new every 3-18 months, but investors ultimately call the shots and demand shiny new things that can be marketed as the bleeding edge and sold at exorbitant prices lest they sell their shares and invest it elsewhere. This is because if you're not using your capital to create more capital, your competitors are and will outcompete you, incentivizing heavy pushes for ever-growing profit margins, stock buybacks, dividends, etc even at the expense of the products or companies involved.

Realistically an M1 will serve you perfectly well for upwards of 10 years so long as software continues to support the ARM architecture it runs on, but if Tim Cook stood on a stage and went "Look, we really tried, but the M1 is just too good and we can't iterate on it. Just keep buying those M1 Airs until we come up with another generational leap," he'd be dragged offstage and replaced with some MBA promising infinite growth to the investors before he finished the second sentence.