Wow, what a dishearteningly predictable attack.
I have studied computer architecture and hardware security at the graduate level—though I am far from an expert. That said, any student in the classroom could have laid out the theoretical weaknesses in a "data memory-dependent prefetcher".
My gut says (based on my own experience having a conversation like this) the engineers knew there was a "information leak" but management did not take it seriously. It's hard to convince someone without a cryptographic background why you need to {redesign/add a workaround/use a lower performance design} because of "leaks". If you can't demonstrate an attack they will assume the issue isn't exploitable.