In a nutshell, the idea is to keep track of currently running jobs, then any time a new commit enters the queue, you merge all the running commits into that and test that as a bundle. If merging fails, bail out. If that bundle job fails, bail out. If one of the previously running commits fail, you bail out of the bundle job and run another speculative bundle job without the failed commit. When a bundle succeeds, land all of its commits and abort any remaining redundant jobs.
Such systems will sometimes have heuristics to bundle commits together in some smarter way than a naive queue (e.g. preferring to bundle of commits without overlapping changes, or not bundling small commits with huge ones to prevent infecting speculative builds with the slowness of the big commit, using AI to come up with heuristics to detect "likely to fail" commits and preemptively starting speculative builds without them, etc)