Summary: Apple introduced PCM [1], and to keep people from using it for cross-site tracking it limits the bits available to a single site (as defined by the PSL). If shop-a.retail.example and shop-b.retail.example are completely separate, and don't want to compete for bits, Apple will still treat them as a single site unless retail.example is on the PSL. Being on the PSL is a big change (partitioned cookies, etc) but…
1. Apple: "not support eTLDs in PCM and only support TLDs" - so no more ad attribution for multi-tenant domains.
2. Facebook: "some sort of vetting process to determine who is using subdomains in a way that is aligned with the intended purpose of the PSL" - so Apple takes over the PSL inclusion process and institutes strict vetting to prevent abuse of PCM, which would presumably take months to implement.
This looks like a serious design problem with no solution that could be implemented before ATT drops.