This isn't a problem on Scarthgap, so I looked into what has changed, and I found the two changes which introduce the dependency loop.
 
1. glib-2.0 now adds gobject-introspection to DEPENDS if gobject-introspection-data is in DISTRO_FEATURES
2. systemd now inherits mime class and adds shared-mime-info to DEPENDS (this also adds libxml2 to DEPENDS)
 
Reverting these two changes and the dependency loop between python and bluez5 disappears.