I've not heard of it, presumably because it didn't go anywhere 15 years ago. Is there any more background?
I would counter that the project was immensely successful with the stated academic goals: as proof, the Microsoft Azure AI HW division (formerly people responsible for project catapult) was almost entirely bootstrapped by many of the same people who worked on the TRIPS project.
Here's Doug Burger providing a small retrospective on the project: https://www.microsoft.com/en-us/research/podcast/clouds-cata...
I recall them saying it looked to give them roughly the same performance as state-of-the-art processors with ~30% less power; but that's a hard gamble for the $100Ms required to get to a product (especially if it requires a new ISA).