It was never intended to. The BEAM is not a good fit for that environment. I find it a bit bewildering that people are disappointed about that but I think it comes from having had the difference between microcontroller and embedded linux device clear to me from the early Pi and Arduino days.

You can look at AtomVM for a way to run Erlang and Elixir on an MCU. It just isn't Nerves. Nerves is a Linux :)