It's unfortunate that a technically exciting new feature is being killed partly because of what is essentially bureaucracy (and the lack of the developer's personal bandwidth). On the other hand, it's pretty safe to say that the strict adherence to the PEP policy and all of the bureaucracy that comes with it is what makes Python a great language, for better or worse.
Not to say that the technical objections were without merit, they likely very much weren't, and the debugger and instrumentation support and maintenance work sounds fairly painful on its own.
Looking at amount of JIT related (for example type confusion) security bugs in V8 I am not surprised other developers are vary of its inclusion.
Large codebases are bureaucracies of their own, that is, the complexity of extra layers starts to bog things down at some point.
In this case, it seems like the human bureaucracy made wise and measured decisions to contain the software bureaucracy. They made reasonable requests to clarify the scope and impact of a major, major core feature. The proposers didn't feel like that was doable, so a complexity nuke was avoided.
I think it would be a mistake to conclude this has anything at all to do with bureaucracy as a matter of inanimate policy that the SC was helplessly in thrall to. Bureaucracy was the tool the SC used to demonstrate that this feature lacked many important properties that they cared about, as mentioned: "maintenance, compatibility, and ... clear success metrics". For whatever detailed reasons, the PEP was withdrawn after it couldn't convincingly demonstrate those things to the satisfaction of the critics on the SC.