Why not? Freedom isn't a given --- you need to fight for it.
If you want to know if your Banking App is compatible: https://privsec.dev/posts/android/banking-applications-compa...
https://shop.fairphone.com/the-fairphone-gen-6-e-operating-s...
A society which value freedom should of course give a lot of it to its citizen, and expect them to defend and improve it for everyone.
A society where freedom is never a given, is not going to foster much of it.
If you would factory-reset your device right now, it would reset to the version of Play Services that came with the installed device firmware, but upon startup the services framework would likely fetch information that it is outdated and won't continue until you have upgraded it.
In this state you could probably use your device and sideload apps, but none of the Google Mobile Services (Play Store, Gmail, Maps, YouTube,...) and 3rd party apps which require Google APIs will work