The purpose of SB 463 is to give that same opportunity to students from the past who graduated (or would have) under TAAS, TAKS, etc. when there were no safeguards in place. There are thousands of students in the state who successfully completed high school but did not receive a diploma due to a single test. This bill gives those students the opportunity to request that a committee review their transcripts to determine if they should be awarded a diploma.
The bill put a limited time window on this and there are other stipulations that I'm not completely familiar with, but it is not a catch all free pass by any means. We've all seen the data showing the difference in potential earnings with a diploma vs without one, so this bill is there to allow people who did the work to get that piece of paper that ultimately has the potential to improve their quality of life drastically.
My personal take on it is that the people in Austin realized that in their efforts to undermine public education to support their own agendas, they ended up hurting individuals who actually did put in all the work but came up short on their broken system of testing. So, they wanted to do something about that. But, that would be giving them the benefit of the doubt that they actually do have souls, which I'm still not sure about.