He's negotiating it himself (with his mom), so not surprised it hasn't gotten done. Hard to do during the season.
I honestly don't know what the motivation on either side is. Ravens should obviously be fine with a $23M cap hit in 2022, since that's not at all prohibitive or unreasonable, but it's what comes after that.
Obviously if he plays out the 5th year option, you're talking franchise tag possibilities in 2023, which would almost certainly be north of $30M. With these price ranges that's not prohibitive either, but nobody really likes one year contracts.
The biggest reason for sooner rather than later is he's just going to be that much more expensive the longer you wait. Short of him suffering an Alex Smith-level injury, even after a season like this, his price tag goes up, not down. You wait 2 more years to sign him, and he may be a $45-50M QB then, instead of a $40M QB now.