Seems like there would be other serious problems with running an OS that hasn't been updated in four+ years. I'm not going to bother with a survey, but if memory serves, there have been at least a half dozen serious exploits revealed among different SSL libraries, bluetooth stacks, and WiFi. Maybe letting the certificates expire would have actually helped to secure the IoT.
You would also have hundreds of millions of people who can't connect to most websites anymore:
>Let's Encrypt says it was added to Android's CA store in version 7.1.1 (released December 2016) and, according to Google's official stats, 33.8 percent of active Android users are on a version older than that.
Not everyone can afford to buy a new phone every 4-5 years. You would alienate a lot of people from smartphones, from websites that use Let's Encrypt, or maybe even websites that use HTTPS.