In short though - was developed at berkeley so released under a BSD license. The license has served them well (there are a lot of commercial entities supporting postgresql development, and lots of others with various forks). And finally, it would be hard to change at this point and they don't see a gain.
A note - in contrast to Elastic, there is no one copyright holder with postgresql. So this makes it much hard to get a relicense to for example a situation where one commercial entity has a special right to the terms / relicensing power.
(please note that GPL doesn't in actuality force anyone to back-contribute but in effect it tends to work that way - it actually puts a lot of responsibility on the original authors to re-acquire improved versions of the library but it does ensure that those improved versions are accessible in some manner)
See section and links for "Why not the GNU General Public License?"
It's not GPL for some of the same reasons described here and enterprise does like it.