I would suspect they’ve bottled it, or he’s not what they thought after getting to know him.
I think the expectation was he does a mediocre job as caretaker then has a more directorial role. Being a caretaker is just tarnishing his name and I doubt fans want him to be anywhere near the club come August, even in a completely different role.
I certainly never wanted Wenger to “go upstairs” regardless of how good or bad he’d have been in any kind of role.
Maybe it would have worked had he taken over in March, but trying to make them not shit over 6 full months was a big ask.