Any obvious reason this should happen?
The in built obsolescence necessary to keep people buying phones when for the majority of people, phones have reached the point where you don’t want to upgrade because a newer model has features you don’t have on your current one.
Lithium batteries have a defined life cycle, usually in terms of the number of full charge cycles it will take. For a mobile phone this is often in the region of around 1000 full charge cycles, although more recent batteries do have a better charge profile as a result of better chemistry and more intelligent charging of the battery itself (not simply charging as fast as possible as with early smartphones).
The Galaxy S5 was released in 2014, with it's replacement released a year later, so the phone itself is probably in the region of 8 years old, I'd say the battery has done remarkably well. A replacement should give at least a year or so of additional use which for £20 I think is fairly reasonable.
That being said the lack of security updates is no small thing and a replacement should be considered eventually.