Honestly ... marketing. If an update is really large companies like to label it as a major new release with an easily distinguished version jump. PAN-OS 10.0 was warranted due to including TLS 1.3 and HTTP/2 support, the GlobalProtect logging changes, and functionally was a rather major change with the GUI modifications.
Jumping forward to 10.1 and 10.2, these were more iterative improvements introduced to PAN-OS. They have plenty of improvements and new features that are worth upgrading for, but nothing to really warrant advancement to PAN-OS 11 really. Obviously depending on your environment these could have been major upgrades that you were waiting for, but generally speaking they were more minor upgrades.
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