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@maiyannah it's a combination of that plus the logistics of getting permission from the numerous contributors. Or at least that's what Linus said in the past.
Many of the big companies tolerate GPL2 but don't like GPL3 because of the patent waiver. They would like to get rid of GPL2 but at present they don't have other options (Fuchsia maybe in future, but it would take a lot of work).
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@bob @maiyannah I suspect that if sufficiently attractive software is licensed under GPL3 that dislike would be overcome. But GPL3 doesn't really have critical components, most of the core-ish stuff with that license is I believe the GNU userland and for many companies full GNU userland is too bloated anyway for embedded development.