I think the paper is OK, but the result is being mis- to over-interpreted. First of all, they don’t show that ‘the wave function is real’ – it’s always possible to interpret it as a mere calculational device, in an anti-realist or instrumentalist sense; they acknowledge that and say that this stance is not what they are arguing against in the introduction.
What is being argued against is a position that one might call ‘Einsteinian realism’: that the wave function is a statistical description of some more fundamental ontic reality. They essentially show that if there is some underlying ontic state, then the ontic state must fix the wave function completely – but then, it’s really a property of that state, not a statistical description (which would be compatible with multiple distinct ontic states) of it.
Perhaps some background (which they unfortunately somewhat gloss over in their paper, which I think has lead to some confusion). There’s broadly two ways of understanding the wave function: psi-epistemicism and psi-ontology (pun intended). Psi-epistemicists say that the wave function is not a real thing, but rather a description of our knowledge; psi-ontologists on the other hand claim that the wave function is something concretely physical. Copenhagen or quantum Bayesian views are of the former, many worlds, objective collapse, or Bohmian mechanics of the latter kind.
Now, psi-epistemicism can again be divided into two categories, a realist and an anti-realist (or instrumentalist) version. The instrumentalist version is basically the Bohr tradition of regarding the wave function as merely some calculational tool, and perhaps of regarding science as a whole as merely concerned with what one can say of nature, not how nature is. This, I believe, one can always do (because whatever else the wave function might be, it is certainly also a computational device useful to make predictions), and it’s not what the paper argues against.
Rather, they argue against the view that the wave function is a statistical description of something more fundamental, i.e. realist psi-epistemicism or ‘Einsteinian realism’. To give something of the flavor of the argument, consider a classical ontic state – say, some particle’s position and velocity, which we would consider as giving a description of attributes the particle actually possesses (though there are some subtleties even here) – versus a classical epistemic state – a probability distribution, giving the probability for the particle having a certain position and velocity, which just describes our (imperfect) knowledge of the particle’s properties. This probability distribution (like all classical probability distributions) is a realist epistemic state: ‘underneath’ it, the particle has some definite ontic state, i.e. some definite position and velocity.
Now, in this situation, if we measured the particle’s position and velocity, we would get an answer that is compatible with several different probability distributions – it’s like if you throw a coin, and it lands heads, it’s compatible with the coin being fair, i.e. coming up heads and tails each with 50% probability, but it’s also compatible with a biased coin, coming up, say, heads with 60% probability; the one experiment does not distinguish between the two cases.
So they say, let’s consider an ontic state ‘underneath’ a wave function. Let’s furthermore prepare an experiment that measures two things in such a way that if the system we measure is in (epistemic!) state 1, measuring one of those things gives a certain value with 0% probability, and measuring the other thing gives a certain value with 0% probability if the system is in (again, epistemic) state 2 – i.e. the two probability distributions exclude one measurement outcome each.
But if both epistemic states correspond to the same ontic state, how can it distinguish between when it has to act as if it corresponds to the epistemic state 1, and when it has to act as if it corresponds to epistemic state 2? If it is in state 1, and we perform measurement 1, a certain outcome should never occur; but if it is in state 2, and we perform measurement 1, it may. But if both state 1 and state 2 correspond to the same underlying ontic state, then the system can’t tell if it is allowed to produce an outcome to measurement 1, or not! So, there can’t be any ontic state that is compatible with both epistemic state 1 and epistemic state 2.
Then, they go on to show that for any two states, one can find measurements leading to the same conundrum. But that means that no two supposedly epistemic states, no two wave functions, can have any ontic states in common – this is quite contrary to the case of classical epistemic states, where we have different probability distributions compatible with a certain ontic states, and hence, every probability distribution sharing all of its ontic states with other probability distributions. It’s in fact so contrary that those states should not be called ‘epistemic’ at all, as they are then a concrete feature of the ontic state – any given ontic state is associated with only one wave function, so the wave function is a property of the ontic state, and is thus – like velocity or position – ontic itself.
So it seems that if you want to be a realist, you can’t regard the wave function as epistemic. Of course, like any argument, theirs has assumptions, and there’s no doubt that one can construct a stance that one might want to call ‘realist psi-epistemicism’ which isn’t touched by their argument; but the most straightforward way, the way, arguably, Einstein would have preferred, has indeed been blocked by their argumentation. It’s a nice result, and I have no doubt that the paper (perhaps with some clarifications) will be published soon; the only problem is that the position they exclude is not really a position actually held by any researcher in the field, I believe – there are already lots of theorems pushing in a similar direction (Bell, Kochen-Specker, and some others) to have made this stance pretty hard to hold on to consistently.
But still, in principle, one might have tried to construct a hidden variables theory in which the wave function is epistemic – a contender to Bohmian mechanics, where it is ontic --, which is now pretty conclusively ruled out.