Related to the topic of emitter failure, I've had three lights fail in the pat 11 years. All failed because a spring detached, or a wire detached, or the solder failed. The emitters were in each case just fine.
LEDs don't usually just fail suddenly, unless something breaks. I don't see why a well build flashlight that is not abused cannot potentially outlast the user. A life expectancy of around 50 years or more, with moderate daily use, for a quality light, is not unrealistic I think. Lights that are used in more extreme settings, like police, security or military, will of cause have far shorter lifespans. However even such a light can last more than 20 years if taken care of. Of cause, the more complex the light and its electronics are, the more likely it is to fail in some regard. Simple lights will likely last the longest. The only components that will eventually need replacing on any light are the switch boot and perhaps the lens.
There are cars that can be made to last 1 million miles, but the maintenance requirements are immense, with the vehicle potentially becoming the proverbial Ship of Theseus.
On a decade-plus timespan - especially with daily use - durable components start to become wear items.
Since 2009 I've had a Fenix 1x AAA light on my keychain. Simple operation - 2-piece housing, twist the head for on/off and to toggle between its 3 modes. It still works well, but it's well past 50% of its useful life. The finish is gone at all possible wear points, the head falls off occasionally, the lens is kind of hazy, and the O-ring is about to give up life for good. But the failure point is apt to be the hole(s) in the base for the split ring that's key to attaching it to my keyring that's eroding away from the action of the steel ring working against it - it's likely to wear the present hole and the original hole open in another ~5 years at which point a key function of the light will be gone. This is after switching to the second hole once the first got worn down to an alarming point. I could attempt surgery to repair it post-failure - I have a drill press and could possibly fashion a reasonable workholding tool for the job. But when that feature of the body goes it will probably be shelved - I got more than a decade of service out of it, and the odds of success are low enough that I doubt I'll bother. Were I to commit to keeping the light operational, I suspect the next failure component would be the PCB which must survive being pinched with each cycle and the traces which rub against the body regularly.
There are other factors involved in economic lifespan. Occupational hard-use cases - military, first responders, trades - probably need a working light promptly in order to work, thus end-of-life replacement is apt to be the norm; and the definition of end-of-life is apt to be "it no longer works" or "its reliable functionality under work conditions has been unacceptably compromised". Sure a $5 part might fix it, but if that part is hard to source or 2 weeks away the light may well be swiftly replaced - or set aside and a "B" set light cycled in.
There's also the case of investment. I'd probably do almost anything to keep a pricey/all-but-impossible-to-replace signature/custom light - i.e. McGizmo, Barrel, Hanko, Cool Fall - working. I'd go to some lengths to keep a high-end light such as a Surefire working. A sub-$50 light a decade on I might source a simple user-serviceable part for. A ~$20 light that fails out of warranty ... I will probably dispose of.
The lifespan rating (usually in hours) is not a failure rating. It'a to a percentage of original brightness (ie. 70%).
I've had LED flashlights that died over the years, but I think it was more the case of non-replaceable rechargeable batteries or other mechanical failure.
Then there's my Nitecore TM06s with it's four LEDs. I've had it since sometime in 2017, and used it almost daily for a few minutes on the second to the lowest level. Then maybe about a year ago, I noticed that on the lower levels, one of the four LEDs wouldn't turn on. On the higher levels, it works, but I don't know about actual output. I charged up the batteries, then tried new Nitecore rechargeable batteries, but same result. So...is this an LED failure or "just" a connection or other failure?
i had a nebo light that i kept on my windowsill in upright position lens up., after some time i noticed half of led dome became brown, it still worked but not as bright, just like in an example above, but i can't say for sure, it was not the sunlight that the led as exposed to for a long time, maybe it destroyed phosphorous and caused it to turn brown,