I just put in Fallout New Vegas for the first time in a week or two and it says there's a new update that is required for my Xbox 360. Does anyone know if this is a new patch or could it somehow have taken a year or so to get to my Xbox? I have played this online just a few weeks ago and this is the Ultimate Edition.

Unlikely. Probably just a system update that popped up coincidentally when you put in NV.

Bethesda and Obsidian are done with Fallout:New Vegas. They won't be releasing any patches or updates for the game.

This would be a system update, not a game update.

Development on this game stopped years ago.