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I am not trying to justify Kobo's decision. Personally I think the more choice there is on the market, the better. I'm happy for Kobo to release 1 or 10 7" monochrome readers and for you to buy them all or none at all. I just remember that the Kobo Libra 2 was on sale for two and a half years, and during that time some chose to buy it and others did not. There are other e-readers from other brands that have been on sale for less time. And there are other brands that have also failed to bring out replacements for earlier models. This is something that happens more often than you might think. It affects Kobo, it affects Onyx Boox, it affects Kindle...
What to do in these cases? That's where we are likely to disagree. We can complain bitterly, we can stay as we are, or we can look for alternatives. My position on this is clear: there are plenty of e-readers to choose from. But I respect those who feel orphaned.
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