Not pursuing JIT or efficient compilation in general was a deliberate decision way back when Python made some kind of sense. It was the simplicity of implementation valued over performance gains that motivated this decision.
The mantra Python programmers liked to repeat was that "the performance is good enough, and if you want to go fast, write in C and make a native module".
And if you didn't like that, there was always Java.
Today, Python is getting closer and closer to be "the crappy Java with worse syntax". Except we already have that: it's called Groovy.