The Java governance allows for a lot more open ended projects with follow ups. Not that it's reckless, Valhalla is proof of that, but rather that once something is good enough they are pretty open to just shipping it as a preview feature and refining until it is worthy of being stable.
That's why, for example, we saw ZGC get merged, and then JDK after JDK seeing continuing development and improvement on ZGC (Or G1 for that matter). These GCs were fairly rough on their first release and now they are pretty much best in class.
I see a Python JIT as the same thing. Delivering the infrastructure for a JIT would need a PIP, but I wouldn't put in things like "acceptance criteria" beyond "doesn't break older code". I would expect such a project to get continual updates without PEPs.