The Galaxy Nexus was sold on software and on software alone. It's hardware was if not underwhelming, certainly not best of breed available in the market when it was launched. And it was launched with a price to match high-end phones from other Android OEMs.
If you bought this phone, you bought it because you wanted software updates.
And when you consider today's smart-phone market, phones have enough RAM, CPU cores and god knows what. New hardware is not really that interesting. All the good, new and exciting stuff happens in software.
From that point of view, Google just shit on the only thing which made the Galaxy Nexus worth buying in the first place. They just outright told the market: Not even a recent Nexus is guaranteed Android updates.
That's a severe breach of trust.