The nature of failure may not be as black and white as you present it. The failure of one of the two MAN prime movers (quite unlikely as they are almost new) may still provide as much 'limp home' capability as a single failed 150 dragging a dead line blocking one, especially on a steeply graded line.I see the point you're making, but a failed 769 is a failed unit. One out of two units failing in a 2 X 150 formation usually means a reduction in capacity, not a cancellation.
Also, at least with 2 150s one can rescue the other. Not the case with 769s.
In any case, I think the most damning verdict of all for the 769s at TfW is that the company changed it's plans for introducing new stock in order to get rid of the 769s faster. The 231s now being introduced temporarily onto the Rhymney Valley were never supposed to be used there - but instead of cascading out 150s to other TOCs, or increasing capacity before other new units are delivered, the newest fleet on the valleys is being used to replace the second newest.
As far as the 230s are concerned, I suspect that it was an opportunistic move that wasn't available to TfW when the 769 agreement was made. It is strange though that the Northern sets are steadily improving whereas the TfW operation seems to have given up earlier.