I see this update reported frequently. What exactly do these modem firmware updates provide, other than perhaps greater reliability? In other words, why do we care?
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I don't necessarily want to go "full iOS 12" for iOS 14. I'd be happy with the hybrid that seemed to be the point of the Bloomberg piece: Announce features at WWDC, release those you can with the X.0 release coinciding with the new iPhone models and release the rest when they are complete and don't have deleterious effects on other portions of the OS.
I personally report them here since we use these threads to report and share with other members what changed with/ in a particular iOS build.
With respect to modem firmware updates, I would expect these updates to tweak how the modem handles upload/ download to allow us optimum stability and reliability. Beyond a certain point, I do not think if it has any outward, visible value to users.