And sure, v1 is forever, but between getting to the point where new accounts can’t use it without a special request (or grandfathered in sweetheart rates, though that might be a PR disaster) and incentivizing migration off for existing users could absolutely get s3v1 to the point where it could be staffed for maintenance mode rather than staffed as a flagship feature.
It’d take years, but is totally possible. Amazon knows this. If they’re not doing it, it’s because the costs don’t make sense for them.