80% of all iOS devices are on iOS 12. An additional 12% are on iOS 11. Any device that can run iOS 11 can also run iOS 12.
By not supporting older devices, you are missing out on at most 8% of the iOS population. But even some percentage of those are able to update to iOS 12.
To target anything older than the 5s means you also have to target 32 bit processors. How much time are you going to spend targeting such a small user base?
Besides, if you have an older version already in the App Store, they can download “the last compatible version”.
You'd better believe there are older devices out there, and people would use the app store with them, iff the app store would only show you apps (or versions of apps) that still run on your device.
It is frustrating trying to get games on an old iPad for the kids.
How far down the rabbit hole do you want to go? The 4s? The 4? The 3GS? The 3G? The original iphone?