While it's true that you can run plain-old Ubuntu on a 10-year-old machine without problems, the growth in popularity of smaller ARM processors (rpi etc) also creates demand for a lightweight linux distro. When I read the title I assumed that Lubuntu's new direction was to move towards offering better support for such devices. Guess they're going the opposite direction...too bad.
I wonder if that factored into the discussion. I'm also hearing a lot of buzz about major OS (Windows, macOS) supporting ARM as a consumer platform in the near future.