Whether or not thermal paste dries out simply depends on if the chemicals used in making it remain stable with repeated thermal cycles. And likely what makes a formula more stable than another may also affect its thermal conductivity/resistance properties. For example, people knock on Intel's thermal paste, but that stuff is stable over a period of 5 years... because Intel expects people to not bother with checking the thermal paste for the life of the computer.
I mean, I don't claim to know the chemistry behind thermal grease, but in engineering of any sort, you almost never find an ideal thing that meets all requirements. There's going to be tradeoffs, and those two factors are what I imagine engineers who make thermal paste have to deal with.
It's not really a matter of "planned obsolesence" or not, it's more like "how can we cater to people who are paranoid about numbers?"