It is both. It is huge, I'd say it's absolutely the latter. but I can't think of a single thing anyone can do about any of it at this point, which also makes it the former.
At several places I've seen they keep certain data such as phone, address, etc as a bullshit "business need" to "prevent abuse" and "prevent promo reuse" and keep forever even through CCPA.
Also they keep the record of the delete request, which contains the PII you ask to remove.