This does not affect which versions projects can target, but reflects that we are fairly rapidly nearing the time next fall when JDK 21 will be the most recent LTS, leaving Java 11 as the 3rd-most recent LTS release. The ecosystem has had a decent amount of time to catch up and our tooling all fully supports Java 17, with enough time to get the kinks worked out.
Individual projects are already using Java 17 as a minimum due to various bugfixes present in tools, so it would make sense to make it the default.