Sounds to me like maybe the bluetooth syncing with a recent smartphone or something of that nature might not work if the speaker didn't receive a certain update, which I consider a possibility. The "cease to function" seems like a nightmarish-description of such. It's not like "not updating" will magically brick the device.
Edit: my point being that not updating software is not about not enjoying certain features, it's in many cases being incredibly vulnerable to certain types of exploits, in the case of an OS or browser a far more serious consequence, is it not?