I imagine more details will come out over the coming days, but it’s not uncommon for severity to be under-estimated in the beginning; and then “oh shit” as you dig deeper.
We don’t know when it went from a “memory safety issue” to “php2shell/RCE”.
Calif’s report is a little light on timelines, but reading between the lines, it seems they took a while to turn this into an actually exploitable vulnerability.
Finally, at least pre-LLM (and maybe a bit outdated now), responsible security disclosure norms is that you usually do wait for vendor (up to 90d) if there’s no signs of active exploitation. Even if it’s a RCE. Actually, especially if it’s a RCE.
The last thing you wanna do is go pinging random non-security PHP contributors or maintainers and have it leak with zero patch. That is truly the worst outcome.
Yes, this is bad, but also, it’s apparently been bad for decades; and it could’ve been much worse.
According to this post, one of the researchers was a former PHP security lead who already knew about the bug since 2004. So I'd assume they would be taken as credible by the current team https://calif.io/php2shell/