They tried, its opponents dilluted it to the point of uselessness and now will forever use this failed attempt as a wedge.
I'm sorry, I don't believe Java will get sensible String templates in our life time.
I love how Zig, D and Rust do exactly what you say: parse the format string at compile time, making it super efficient at runtime (no parsing, no regex, just the optimal code to get the string you need).
I say this but I write most of my code in Java/Kotlin :D . I just wish I could write more low-level languages for super efficient code, but for what I do, Java is more than enough.
Also C++, which works the same way.