When you access your new VMware vSphere Foundation (VVF) or VMware Cloud Foundation (VCF) license in the Broadcom Support Portal (BSP), it is delivered using the new solution license key type which can activate multiple components within a VVF or VCF deployment.
By default, VVF and VCF licenses will come entitled for latest vSphere 8.0 Update 2b and VCF 5.1.1 respectively, because those are the minimum versions that support the new solution license key type. With that said, users can also downgrade their existing VVF and VCF licenses to support earlier vSphere 8.x and 7.x releases using the BSP license management system, which was something I had recently learned about and went through the process myself, so here is what it looks like end-to-end.
Note: License downgrade requires both user downgrade permissions in the BSP license management as well as using non-NFR licenses, which can obtained through the BSP self-service "Trials and Beta" or internally for employees. For NFR licenses, downgrade is not available.