Well, yes, but in the past the versions that now get a new integer number (feature releases) were mandatory for everyone and there was no LTS at all. There were some differences, but not as big as many think. The biggest one was the psychological aspect of the name (7u4 or 8u20, which were not patch releases but big feature releases).
So why did we create the LTS service? 1. Because the new feature releases, while no more risky than the old ones (like 7u4 and 8u20), do require a little more work that companies don't want to put into legacy applications, and 2. Many companies indeed are willing to pay for more stability for their legacy apps.
So while it is absolutely true that some projects want better stability, this level of stability is new. Companies that religiously stick to old versions now didn't do that in the past. The simplest explanation is that the new release model isn't yet understood, not that thousands of companies changed their risk strategy.