It still works, and it will still have access to the store for buying games. It will still be repaired under warranty if you have one, and I’m sure they’ll repair them out of warranty if you pay.

They’re just not adding new stuff to it. Did you buy the headset expecting new features or did you buy it for what it could already do? What features are missing that could even be added via software at this point?

Your headset will continue to work exactly as it does. If you expect long software support for anything, I would strongly advise not buying any first generation products. The first iPhone only got 3 years of software support too, yet people still used them well past that point.