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will receive at least 3 years of software updates
Not good enough. 5 years of security updates is a min for me on a project like this where you will never find anyone else with an official OS build. 10 years should be the standard, but that's a lot to hope for from software or hardware.
It should be illegal to sell device connected to the internet without long term security update.
This might create a bias towards large vendors with huge human resources to throw at maintenance. But it should be illegal to sell devices and hinder third parties to fix bugs and develop security upgrades, for example through closed software platforms, drivers and interfaces.
I don't know about illegal but they should be forced to prominently advertise their security update lifetime. Sort of like energy labels are put onto household appliances or nutrition labels are put onto food.