A good thing to note is that Tyson Green said that only some of the Year One weapons are getting upgraded into Year Two "right now". It stands to reason that other exotics that do not currently have a Year Two upgrade may later on be receiving said upgrade in later patches/DLC.
Personally, this choice that Bungie has made confuses me, but I am interested to see what it does for the game.
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When they were talking about "upgraded" they meant with new perks and looks. Only some of the exotics got that treatment. I don't believe they meant that you couldn't infuse the other exotics to get them to max attack values.
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I certainly hope you are right. The limitation on exotics was surprising to say the least, so I hope there can be cohabitation between Year 1 and Year 2 exotics in the endgame.