The sweet spot would be putting a new battery into a 3 year old phone to get another 3 years out of it.
So 7 years of updates would be fine, maybe with one battery swap in the middle, as long as Google starts paying a bit of attention to their phones' quality assurance and control.
I'd personally like to see swappable storage and mandatory external SD card support.
We could probably get to 15 years with current phone tech, unless they invent something really revolutionary that makes everyone want to upgrade.
Quick reminder what we had 15 years ago: a single camera on the back, 128 MB ram and samsung processors in the iphone.
I know people who are still perfectly happy with 7+-year-old iPhones. The limiting factor for many people is not processor speed or RAM or storage space, but the lack of OS updates (especially security updates).
(Certainly those other things are limiting factors for some people, but I don't think it's anywhere near as common as it is for the HN crowd. And the storage space issue can be solved with a microSD card slot, which, sadly, few phones include these days.)