Mathematech
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Realism doesn't insist on simultaneous eigenstates if one assumes values of observables to be something other than the eigenvalues of the eigenstates into which we force the system when measuring it (say if we assume them to really be values of functions on hidden variables). But in that case we get Bell's inequalities which disagree with QM and QM wins experimentally ... so we end up having to accept that values of observables really are the eigenvalues etc etc and once we accept that, one sees that where "realism" is going wrong is that it essentially is demanding something which amounts to simultaneous eigenstates - but one has to buy into the eigenstate "ontology" to say this. Hope I'm making sense.
Another thought, everyone goes on about Bell, but let's not forget the Kochen-Specker paradox, here the question of locality vs non-locality doesn't enter, and we have that assuming counterfactual definiteness for pairs of incompatible observables gives the wrong stats. Kochen-Specker shows that "realism" doesn't work and QM is "non-realist" regardless of the question of locality vs non-locality.
Regarding which explanation is the best explanation for why QM doesn't satisfy Bell's inequalities/hidden variable stats, I think the "non-realists" are correct in saying failure of counterfactual definiteness is enough to explain why QM doesn't produce the same stats but I suspect that it doesn't explain why QM does get the particular stats that it does produce instead. To escape Bell, failure of counterfactual definiteness is sufficient but for a complete reproduction of the exact same stats as QM I suspect a notion of non-locality is still needed.