MJIT is completely different to PyPy. Their problems are simply not relevant to MJIT. MJIT is already just as fast as standard CRuby when executing complex Rails code, minus the small overhead for JIT compilation:
http://engineering.appfolio.com/appfolio-engineering/2018/3/...PyPy is a much more ambitious design, completely replacing CPython, and using an unusual JIT scheme of tracing the interpreter itself and trying to produce an interpreter optimized for particular traces of your code.
It was much harder for that approach to reach the same level of general performance than it seems to have been for CRuby & MJIT.