this post was submitted on 09 Oct 2023
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There are a few factors at play, I think.
Microsoft isn't nearly being as aggressive about pushing free Windows 11 upgrades as they were with Windows 10. Windows Update will offer it to you, but not install it unless you explicitly opt-in.
Windows 11's system requirements of a processor from the last 5 years plus TPM being enabled (it was off by default on most motherboards bought before 2022) leaves a lot of users not even being offered the upgrade (they can manually upgrade after jumping through some hoops).
Windows 10 is still actively supported and will be for a while, removing any impetus for users or organizations to upgrade unless they specifically need some of the new features.
All of this adds up to a substantial portion of Windows 11 installs likely being new machines rather than upgrades.