Project Loom also breaks tons of code because of locking and other threaded side effects that weren't even a consideration before, a trade-off between coloured functions and risking old code breaking.
It seems to me that Java is very conservative when it comes to the language itself, but actually compiling and running that language seems less of a concern. In this case, the "specify a flag to make all non-annotated variables non-null" approach would only add a single glyph to the language (the ? for denoting nullability), which I would've expected based on the way Java has evolved over time.