It was one of the clearest electoral promises ever made.
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Canada would benefit enormously if it were kept.
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Be that a it may, and disappointing as it may be, today's announcement merely reflects the political reality that they just couldn't get it done.  There were a lot of members of his own party who were not willing to die on that hillside:
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Complicated topic.
No consensus.
Plenty of votes to be lost.
Few votes to be won.
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Part of political leadership is knowing which fights you cannot win.  For this government, right now, this was one of them.
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They will, nonetheless, live to regret having failed.  They may not get another opportunity anywhere near a good, and once FPTP is abolished, nobody ever brings it back.
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Perhaps it is the start of a longer campaign that may eventually be successful.