Currently some 3rd party software suites still only allow importing of LAS version 1.2, by default TrueView EVO/LP360 Drone encodes LAS in version 1.4. This leads to users seeking a way for converting TrueView data to LAS 1.2.
The user cannot downgrade LAS 1.4 file to 1.2 in the export dialog, because the LAS 1.4 is formatted in a specific way and contains additional information that LAS 1.2 spec does not. If the data was converted, LP360 would have to make some potentially compromising determinations about what descriptors to keep and which ones to eliminate. The user is prevented from downgrading to make sure the data is not negatively effected.
The current workaround for converting TrueView data to LAS 1.2 is to export the point cloud as ASCII XYZ and then reimport it as LAS 1.2 using the File -> Import ASCII XYZ. During the export be sure the check what ever attributes (RBG, classification etc.) are required.