This:
"That means that when you buy your smart thermostat, or lightbulb, or door lock, a manufacturer will commit to updating and patching it for N number of years, with the date stuck on the box on a label".
Until, 6 months after purchase the company goes tits-up. Then your 10 years patch garantee isn't worth shit.
A better idea would be an open source core that can be picked up by "hobbyist" coders as thats about the ONLY way to guarantee* continued support.
*In an ideal world.