See the whole problem you have when you go full scorched-earth in your language is that when your bluff is called and you blink, that's it - you never have any credibility again ever. You can't proclaim that you're about to "end a whole civilization forever at 8pm tonight", and then a couple of hours later be like..."okay, that's it, now I'm really serious, you have two weeks or else" and expect anyone to take you seriously ever again.
Well up and foremost I am glad as most people here are as well that no mass bombing happened. Since now America as well Iran is spinning its own propaganda around it it is up to us to figure out what happened.
First: Trump speaks a message that Iran understands, that's for sure. And having aircraft carriers in the region also demonstrates a certain will to engage. The thing nobody knows is: how far was Trump really willing to go?
So one possible interpretation is that Iran considered the threat as valid and back pedaled. However given the history this country has with America this is very unlikely, Iran normally prefers to carry its decisions out.
So the other possibility is that both sides were desperately looking for a way to deescalate while keeping their facade up. And with Trump the reason for this is clear: the midterm elections. Trump cannot afford to be then still at war with Iran, because it tanks his approval ratings when he's the sole reason why the gallon is so super expensive now at the gas station. So that's why he chickened out this time.
The only good fact we can take away from this whole shebang is that Trump still does fear elections, so he's by far means not done reconstructing America into the autocracy of his dreams. And that democracy in America can still fight back and topple Trump.