> Indeed, the latest Intel microcode published for Ubuntu 16.04 is the ancient 20151106.
By ancient, perhaps you mean the version that was current at the time 16.04 shipped?
> I cannot understand why they left out 16.04 there. So much for LTS, it seems.
See https://wiki.ubuntu.com/StableReleaseUpdates. The point of an LTS (or any stable release, for that matter) is that it doesn't change by default. For those who want to keep everything up-to-date, Ubuntu ships a new release on a six month cadence. If you choose not to use that, then you shouldn't be surprised when things aren't updated, since that's exactly what you opted in to.
The microcode package may warrant an exception, however, and we have a bug to track that. It's tricky because without the source we cannot pick apart what changed, or determine whether any changes meet our update policy. We have to be careful. Sooner or later some user will inevitably come along to tell us that a microcode update broke things, and ask why we didn't fulfill our LTS promise by not changing it.