This option just keeps being a problem and really needs to be implemented in some fashion. Implementing it properly requires some kind of "replaceSectionReference" method because all the existing links need to be maintained. The desired behavior is just for allocated sections to become NOBITS but actually implementing that is rather tricky due to the current design of llvm-objcopy. However converting allocated sections to NOBITS is just an optimization and not something debuggers need. Debuggers can debug a stripped executable and take an unstripped executable for that stripped executable as input. Additionally allocated sections account for a very small part of debug binaries so this optimization is quite small. I propose that for the time being we implement this as a NOP so that people can use llvm-objcopy where they need to, just in a sub-optimal way.
This option has already blocked a lot of people and its currently blocking me.