Qt uses CoW (Copy-on-Write) principle for its own containers. It is a bit outdated technique, but works ok for a mostly single thread UI framework like Qt.
The official documentation eleborates more on that here:
https://doc.qt.io/qt-5/implicit-sharing.html
As @m7913d noted in the comments and in his answer, most widgets do create a local copy inside and that is when the CoW principle makes things fast.
Anyway, we are dealing with UI here, lots of drawing, OS API, abstraction layers, giant (compared to string sizes) framebuffers and what not. May be they will add StringViews to their API later and change their architecture, add SSO for QStrings, but apperently this is not an emergency now.
Qt used to be progressive like 10-15 years ago. CoW, Qt containers, lots of libs for everyday things, usability. But now all this stuff is lagging behind modern C++ and STL and Qt encourages their users to rely on STL containers and use Qt analogs only for operations with API.
No one wants a parallel STL and a Qt version of every lib ever.
As for QStringView I think its purpose is to provide a modern view mechanism for user classes which interact with QStrings. For example, you use QXML to extract lots of data from xml files. And then you have to analyze this data somehow - you do not need to interact with API, but you already have QStrings. To make things up to date and a bit faster - here you are - QStringView.