The addition of a new country to the ISO 3166 list takes a very long time, and the European Union has been in the application process for 2 years. Second, once the code is added, the IANA process can take quite some time. Palestine requested the IANA delegation in October, and the code has not yet been delegated as the applicant must show it meets the requirements listed in RFC 1591. Let's be real here. Maybe it is time to move from the mentality that everything on the 3166-1 list should automatically have a code, to something a bit more developed than a list.
Earth is a single point of failure.