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shrinkfs improvements are delivered in AIX 7.2 TL 5. Improved shrinkfs functionality minimizes the amount of time the filesystem is quiesced. Also added a progress indicator to the shrinkfs command output.
I agree on this. Often, I will set up a loop which shrinks by one PP at a time, so that I can queue up a termination for the loop. On large PP sizes, this still can be minutes of no I/O. The defrag and compact operation that is used to free up the trailing extents needs to be interruptible, chunked smaller, and throttled between chunks so that normal operations can continue. This would likely make very messy filesystems take a lot longer to compact and reduce, but it would allow the filesystems to continue to operate.