While you're right that the number of bugs is not very meaningful and most are probably work on brand new features, but bugs in old features are always first fixed in the current version, and then only a subset of them (usually a small subset) is backported to old releases, and regressions are not common.
As to why some bugs go unnoticed for long, if you look at the bug database for reports of bugs that have been effect for a long while you'll see that these are almost always rather extreme corner cases (or, more precisely, the more utilised a mechanism is, the more extreme would be its old bugs). That's simply because full coverage is simply infeasible for software of such size (~8MLOC); you see similar bug numbers for the Linux kernel. The largest software that can be shown to be free of bugs is currently on the order of 10KLOC, so if your software is much larger than that and isn't getting many bug reports it's probably because it's not used that much.
As to why some bugs go unnoticed for long, if you look at the bug database for reports of bugs that have been effect for a long while you'll see that these are almost always rather extreme corner cases (or, more precisely, the more utilised a mechanism is, the more extreme would be its old bugs). That's simply because full coverage is simply infeasible for software of such size (~8MLOC); you see similar bug numbers for the Linux kernel. The largest software that can be shown to be free of bugs is currently on the order of 10KLOC, so if your software is much larger than that and isn't getting many bug reports it's probably because it's not used that much.