TPM version 1.2 -- cannot upgrade to Windows 11?

Hardware, you're not able to use Windows 11 in a supported way.
There are online guides to circumvent this problem, but it's all in unofficial ways, and you don't know how Windows will react to it later with updates.

You have to check on your PC manufacturer's Homepage. For example some Dell PC's can be upgraded to TPM2.0. Sometimes it is also possible that you can change the TPM version in your BIOS, some Windoze versions apparently don't work with TPM2.0, so in some cases you can change to the lower version there.

But I just realized that your CPU also won't support Windoze 11. There is no supported CPU available for your Socket LGA1155, so you can't upgrade that either. This means that even if you can upgrade to TPM2.0, Windoze 11 won't be supported.

Regarding the circumvention, I've done that and it worked on some of my PC's which don't have supported hardware. But as was mentioned above, future Windoze updates or releases might no longer work.

In your case it is hardware.  And it appears to be not upgradable.

Also Windows 11 does not support your processor if I'm reading Microsoft's requirements correctly.  So there's two strikes against your system.

You've got Windows 10 support until 2025 so I'd recommend waiting until then to buy a new system.

Download the Microsoft PC Health app https://aka.ms/GetPCHealthCheckApp and use it to determine your system's suitability.

https://ark.intel.com/content/www/us/en/ark/products/51997/intel-desktop-board-dq67sw.html

This won't work with your motherboard :-(
Windows 11 requires at least TPM 2.0

An i7-2700 is more like 10 years old.  There are PCs that are 3 years old that don't support Windows 11 (I have two of them).  You need a new PC to run Windows 11 as a supported system. Sorry.

My PC is only a few years old.

I like your definition of FEW

i7-2700K released Q4'11
Expected Discontinuance Q1'2013

It's now 2022.. You must have bought it used.. or REALLY OLD stock

You can still do a clean install of Windows 11 for the old computers but there will be no Windows update for the OS.

Therefore, you need to take the security risks if they are deployed in a production environment.

I paid $565 for this computer -- was I robbed?  Was purchased June of 2021.

Sadly, yes.

The CPU was launched in 2011. Unless you are a collector of antique machine, you have been scammed to buy a pretty outdated one at a hefty price.

Probably should be hovering about the $100 mark, depending on the other hardware around it (beefy GPU?), lower if no new hardware upgrade this past decade.
Around $600 is near top of the line specs from 3 to 5 years ago.

Robbed? No.

But probably ripped of. It depends on how much work & time went into getting the PC setup, & whether you were told it was actually relatively old hardware. Remember, age doesn't necessarily mean obsolete or useless. PC's of that age can still do a good job & last long. If M$ decides to not continue support for the hardware, it is more M$'s fault. The fact that Windoze 11 wouldn't be supported on such hardware was only released around the time Windoze 11 was released. Originally, when Windoze 10 came out, M$ said that would be the last Windoze, & that you would be able to upgrade indefinitely... Now support ends in 2025 already!

That is the big scam in my point of view!

You can still do a clean install of Windows 11 for the old computers but there will be no Windows update for the OS. 

NOT with TPM version less than 2.0:
https://www.microsoft.com/en-us/windows/windows-11-specifications?r=1

@Jackie: Thanks for the clarification ;-)

So, setting aside the security risks, the only thing preventing me from installing Windows 11 is a Registry value?

the only thing preventing me from installing Windows 11 is a Registry value?

Not exactly. If you still do a clean install of Windows 11 after changing the registry value, take your own risks as usual on performance and stability as it is not possible to do any Windows update to fix any bugs.

You need to redo the clean install whenever there is a new build of Windows 11.

In short, it is up to you to decide whether you will try Windows 11. The minimum requirements are designed to save your time when there is a problem as the engineers of Microsoft will spend no time to fix the code for old computers and release the updated codes to you via Windows update.

Sounds like I will probably STAY at Windows 10 for a while until I can afford a better PC.

I don't think it is worth installing Windows 11 based on the feedback given how old my PC is.

"Not exactly. If you still do a clean install of Windows 11 after changing the registry value. take your own risks as usual regarding performance and stability as it is not possible to do any Windows update to fix any bugs."

That currently isn't correct. At the moment updates work with those hacks. But it is possible that in the Future upgrades might not work when something really requires the features of the Supported CPU or TPM2.0.

I've done the hack above & Windoze 11 currently works fine, it also applies updates as normal. There just isn't any guarantee that it'll stay that way. I assume that it will all work fine until Windoze 10 support ends, & then M$ may decide to also "end support" for the hack.