Php's compiler and jit would also be better, and much smaller.
https://www.phoronix.com/review/python311-pyston-pypy/2
They're neck and neck in most benchmarks, interestingly enough.
As to why not PyPy ... well, PyPy is a complete reimagining of how Python is implemented, so a merge would be infeasible. It would have to be a very disruptive transition and the appetite in the Python world for a big transition is ... minimal.
PyPy is also slower when calling into C extensions, so that's one downside. I'm not familiar enough with it to speak thoroughly, though.
For one, it would mean you'd have to throw away almost all CPython code.
Second, all the new code would be from totally different people than the CPython dev team (not very enticing).
Third, it would have compatibility issues with extensions and such.
Fourth, it would be slow calling into existing C code, which is like one of the major selling Pythons of Python (think pandas, numy, scipy, pytorch, and tons of others).
The initiative in the message posted comes from Pyston folks themselves. They consider their code ready for that.