China takes the long view
It wasn't built in a day. It won't change in a day. It will get around to it soon enough, though.
Will it make everything better for the people? Stop "cyberbullying"? Don't be silly. The fact that you can point the police to your misbehaving neighbour doesn't mean they'll put him out of your misery right quick. Why would this be any different just because the internet is involved?
If anything, pinning people to their "real name" or rather legal identity, for which read citizen number, causes an incentive to abuse someone else's, implicating more innocent people in the process, causing a bigger crime with harder to fix damage. The reasons might be pragmatic, but the results are not automatically practical. It at worst catches mainly innocents (and maybe some really stupid perps) and as such is yet more worse-than-useless snake oil.
Besides, they're not doing this for your benefit. They're doing it for the benefit of the state, so it can better effect the judgement it passes on whatever utterances it sees coming from its people. It means more exposure to the whims of faceless bureaucrats. Seeing what happens if you so much as post one ill-conceived tweet in Blighty, I don't think any "protection from cyberbullying" would be worth that.