I'm not an expert on HDCP but I don't think this is exactly correct. The standard doesn't rotate through new generations of keys; instead, revoked hardware keys

I'm not an expert on HDCP but I don't think this is exactly correct. The standard doesn't rotate through new generations of keys; instead, revoked hardware keys are burned into all Blu-Ray disks burned after the time of revocation, and compliant HDCP implementations are required to check their own hardware key against that list before allowing playback. I don't know whether a hardware manufacturer could remediate the vulnerability that caused their key to get revoked and distribute a new key via a firmware update, but that sounds reasonable.