Bad idea, since psr/log ^2.0|^3.0 requires PHP 8.0. Are there reasons beyond being newer to actually update? There is no security advisory for ^1.1 on packagist.

This creates dependency issue. I cannot use this package, since I have other dependencies requiring psr/log^2.0. PHP 7.4 is now in security support stage only, and php 8.0 is in the middle of active support. I get it that we want to support php 7.4 as well, but we should also support php 8.0+. So lets make it ^1.0|^2.0|^3.0 and everybody is ok.

Yes please, open up the limitation to ^1.0|^2.0|^3.0 as @shamotj said.

I am unable to install this package on laravel 9 because already other packages have psr/log requirement of 3

I am getting this and not sure what to do with it for v3.0.0. Would you recommend stick with 2.0? Please advice.