Well I’ll speculate –
I think the basic issue is that the Castrol simply doesn’t care about the API rating for this product. The target market for this oil is mainly BMW M engines such as the S54 and some collateral use by other racing/track users of other makes and models. Accordingly, what matters most is the BMW approval followed distantly by the ACEA rating, which is really just a concern inasmuch as it is a precursor to the BMW approval testing.
In regards to the API testing, consider that the SJ rating was “current” from 1996 to until 2001, which covers the period of time in which I believe the TWS first came to market, or at least to the popular market and the BMW spec for the M engines. So the initial API approval testing was likely done to the SJ standard.
It is also important to note is that the SL standard has some significantly different engine test requirements than the SJ.
• The Sequence IID test gets replaced by the Ball Rust Test, which substitutes a special test machine for the actual engine test.
• The Sequence IIIE test is replace by the Sequence IIIF test, which uses a different GM test engine than the earlier test
• The Sequence IVA test is newly added and requires a 100 hour duration test on a specific Nissan test engine
• The Sequence VG test is newly added and requires a 216 hour duration test on a specific Ford engine
(Plus there are some other differences in the standards which affect the criteria and test methodology, although they are generally similar).
So couple the significant retest requirements with the fact that the target market really only values the BMW approval regardless of the API rating, and it just doesn’t make business sense to expend the effort to get an SL or SM rating.