They (i.MX7) have a 10 year life, several vendors have product with i.MX7 parts. I can see the problem since the initial design was for something that could work with graphical output yet the chip lacked a GPU. Now the i.MX8 was suppose to fix that and would be a killer product since ALL ARM GPU support sucks from the Android crowd(China Soc's). If they would produce a device with GPU, UFS, external memory, multiple DSP that would be a winner.
First TI, now Freescale. Who is next to bite the dust? My bet Marvell. Another proof point that ARM is bad news. They will commoditize the crap out of you. That means, more job loss. Send ARM back to UK.