Is it planted too deep? I feel like even sad peonies have some blossoms. They might not thrive, but you'll see something at some point. If it were me, I would dig it up, soak it in a 5% bleach solution and replant in amended soil if you want to use the same location. Eyes 1 inch below soil. Water in.
Alternatively, you can dig up and toss if you feel it is hopeless.
