I hope this helps any Oracle tech reading this right now. The database itself seems to work, it is the install process that breaks. This assumption is made because it appears those users who had successfully installed MySQL 5.7 on previous versions of MacOS and then upgraded to MacOS Sierra are unaffected. It does appear that the problem is not with MySQL 5.7 itself, but rather with the install script.
I have talked to other developers running this version of MacOS and confirmed that this is an issue system wide and not isolated to my machine. Currently, as of beta4 of the developer preview of MacOS Sierra, there are problems when downloading the latest version of MySQL server. This is not a post that most of my readers will generally need to worry about, but instead this is more of a PSA for those of you that are running MacOS Sierra and are web developers.
