Is Garmin done updating the Fenix 5 series?

As I know there are some bugs with the software like 0 remaining distance on navigation activities etc. So I don't think they stopped completely. However, as newer watches are out and not released watches are being worked on; we will get less less frequent updates and they won't be deal breaking ones, only for bugs.

Don’t need any more updates. If it ain’t broken don’t try to fix it. 

No I don't think  because they need to fix  "0 remaining distance on navigation activities".

While no one but Garmin can actually say, I don't think so mainly because if they discontinue support (that can be interpreted as no more FW updates as well) while flaws or bugs continue to exist which existed from launch or have been created by updates from Garmin, then they would be looking at a class action suit for every Fenix 5/X/S they've sold as it would very easily be arguable in court that they have sold a defective device or one not as advertised.

The above aside, devices much older than the Fenix 5 series are still being updated by Garmin and they have a very good track record in this regard. So again, personally I think there is more to come for the Fenix 5 series.

My 2 ¢

It's obvious that you only use your fenix 5 for getting the actual time - and perhaps as an alarm clock. otherwise you would desperately ask for further firmware updates.

The law suit and how courts work was actually stating precedence. My feeling was regarding Garmin's future updates

I wouldn't think Garmin would treat their watches with as much obsolescence as phone manufacturers do.  If the hardware is capable to accept an update, they might keep it updated.  One reason might be to support new accessories within their product line.  If a few lines of code now mean they can sell everyone a new peripheral, that's a no brainier.  Suddenly you have 50,000 orders for a new sensor pod thing.  You're extending the life and value of the platform for both the consumer and the manufacturer.

The second reason is brand loyalty.  Back to the smartphone comparison- the smartphone market has no brand loyalty.  I get the impression this niche product does have its brand loyalists.  Someone who buys 1 product and switches to another brand after a few years isn't worth as much as someone who continues to buy many over their lifetime.

It just depends on the business reasons and if people still wear a model and continue to buy accessories for it.

I don't have any comment on "outstanding issues" as others do.  It performs great for me for what I do but we each have our own use cases.

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