The whole bill was brought forward because of a HK resident accused of murdering his girlfriend in Taiwan and who fled back to HK. You can say that this was a pretext to bring the bill forward but it still highlights a real issue.
The Taiwanese government is being cynical here.
It's also difficult to see how this bill would "subjugate" HK if passed.
I do agree that the HK courts would need to be very thorough in considering extradition requests from the mainland and that their independence should be preserved.
> Ironically, in failing, it has shown Xi’s limited power
Or perhaps people are assuming that "one country, two systems" is a sham when it actually isn't.