CanonFanBoy said:
Japanese manufacturing culture (ala Deming https://en.wikipedia.org/wiki/W._Edwards_Deming) is such that there is always and already work on improving processes and products. It is continuously ongoing. Release of new products depends more upon market demand vs profit potential (Return on investment). Design and improvement must march on continuously. No competitive company can afford to sit back and say, "This is good enough for now." Just look at what the Japanese automakers did to the Big Three in Detroit.
I think that's an over-simplification, as
1. Canon is out to make a profit. If there's no profit in an update, it wouldn't happen.
2. Canon resources are limited. If there's more profit in something else, the update wouldn't happen.
As an example, the 20mm f/2.8 wasn't updated in >20 years. The FD 17mm wasn't updated to EF. Canon could have updated it, but chose not to. Maybe it's because there's no profit in the update, maybe because there's more money in other lenses, but bottom line it just didn't happen.
3. Canon can invest something that doesn't have a concrete plan such as 'lens X on date Y', such as new types of glass, new CAD tools, flashes, etc.
Not resting isn't the same as working on <existing lens> mk<current+1>