This makes it in theory excellent for implementing this precise feature which you will see in for example C++ (the MSVC implementation is, in fact, just an SRWLock) or Rust
So immediately it's over-complicated for a mutex because we don't need it to handle multiple readers, we're never taking its shareable reader lock, we (as you see in Raymond's example code) just rely entirely on the exclusive lock which is about 10% of its function.
SRWLock is the size of a pointer - because of course in fact it is a pointer, to a lazily allocated structure - with some flag bits squirrelled away at the bottom of the pointer.
The exciting bug is that at some point whoever was implementing this for Windows screwed up while implementing the (necessary for performance) unfair lock stealing strategy.
Brief aside about "lock stealing": If I want to take a lock, and I notice that somebody else just released that lock, I can just take it and we're done - this is unfair because there may be a queue of waiters, and I cut in ahead of them, but it has better performance. This is a simple and common feature for a mutex - fair locks are sometimes useful but definitely should not be the default.
Now, in SRWLock the lock stealing code doesn't remember whether you're trying to take the shared reader lock or the exclusive writer lock. So, it just always steals the exclusive lock - even when that's not what you wanted. As a result in code relying on SRWLock if you take the reader lock and then wait on somebody else to also get that lock (which they should be able to because it's a shared lock) this sometimes deadlocks. Oops.
It looks like the Rust standard library migrated away from SRWLOCK on account of this issue [0].
There's a Microsoft internal ticket which I can't read (but STL can because he's a Microsoft employee) but there's also a GitHub issue for STL (this time the stdlib, a GitHub project, although it was opened by the person) https://github.com/microsoft/STL/issues/4448 and it's confirmed in that issue this is a bug in SRWLock, thus no work for STL† (either the project or the person).
It's not unusual (especially in C++ but this happens anywhere) that people would rather contort themselves to believe crazy things than accept that it's just a bug.
† Both Windows and C++ holds themselves to a very low standard, "Yeah, it's broken, too bad" is acceptable. Once you've determined that it's a bug you're done.