Is `gem update --system` broken for ruby < 2.3?

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Today after the upgrade of rubygems-update the gem update --system with ruby older than 2.3 has started to fail permanently with the next error:

# gem update --system
Updating rubygems-update
Fetching: rubygems-update-3.0.0.gem (100%)
ERROR:  Error installing rubygems-update:
    rubygems-update requires Ruby version >= 2.3.0.
ERROR:  While executing gem ... (Errno::ENOENT)
    No such file or directory @ dir_chdir - /usr/local/bundle/gems/rubygems-update-2.6.6
# ruby --version
ruby 2.1.9p490 (2016-03-30 revision 54437) [x86_64-linux]

Is there any way to do it or it's just a new reality and I have to adjust any place which has used gem update to it?

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