Microsoft announced today that the Minecraft Update Aquatic will be the last update for legacy console editions of the game. The update is set to arrive "a little while" after launching on current Java Edition and the new Bedrock Engine and will mark the last big development effort for Minecraft on PlayStation 3, Xbox 360, PS Vita and Wii U.
The Minecraft team noted they would "love" to keep bringing new content to all players, but have data to prove that Minecraft on PlayStation 3, Xbox 360, PS Vita and Wii U is not popular. They cited that older generation of consoles makes up less than 5% of active players, and also explain their decision-making proccess:
We’ve made the difficult decision to focus our efforts to support players where they play Minecraft the most and where we plan to add new features: on Java, PlayStation 4 Edition and the versions of Minecraft made with the Bedrock Engine on other consoles, mobile, and Windows 10.
On another note, those still playing the older versions of Minecraft on Xbox One and Nintendo Switch won't be receiving the Aquatic features. It is encouraged for these users to get the newer version of the game for free on Xbox One, or to wait for a patch on Nintendo Switch which will enable the install of the new version of the game for free.