You have it exactly, except that Pip 20.3 isn't a "minor release" - since mid-2018, Pip has used quarterly calver, so that's just "the last release made in 2020". (I think there was some attempt at resolving package versions before that, it just didn't work adequately.)
Ah thank you for the correction, that makes sense - it seemed very odd for a minor version release.
I think a lot of people probably have strong memories of all the nonsense that earlier pip versions resulted in, I know I do. I didn't realise this was a more solved problem now as not seeing an infrequent issue is hard to notice.
