Many of the features of the AMD PSP could be implemented as hardwired logic, no need for a CPU for that. And thus no chance of malware being able to run undiscovered.
It's like Orwellian doublespeak, in fact the Platform Security Processor might well be making the entire system less secure. Because we cannot inspect the content of the eFuse ROM how do we know if a state level adversary has placed code in there to weaken the system security?
Note: On the nVidia Tegra platform the eFuse ROM can contain executable code to patch the boot-up process, as Nintendo has done with the Switch console. It's likely that AMD has such similar functionality.
So the PSP could be cracked, and then CPUs can be eFused with malware before shipping the server, and nobody would know that there's an easily exploitable vulnerability now present.
I guess one of the real purposes of the PSP is to protect AMD's security and prevent the user from unlocking disabled cores, boosting clock frequencies, retrieving HDCP keys, etc. on both CPUs and GPUs. So it's partly to prevent the owner from doing what they want with the hardware.