MacRumors:

Given all of the changes introduced in the Apple Pencil 2, it only works with the new 11 and 12.9-inch iPad Pro models and it is not compatible with older iPad Pros or the sixth-generation iPad.

Likewise, the current Apple Pencil will not work with the new iPad Pro models and is limited to older iPad Pro models and the sixth-generation iPad.

This should come as no surprise to anyone who watched today’s video and no, this is not Apple being “greedy”.