Why does not an object attached to a string which is attached to the
roof of an accelerating bus does not stay in it's initial position for
an indefinite amount of time...
As pointed out by @John Darby, there is theoretically instantaneous movement of the object relative to the bus as seen by both the inertial and non-inertial observers as soon as the bus accelerates. That's because, per Newton's first law, a body at rest stays at rest unless acted upon by a net external force. The horizontal component of the string tension is that net horizontal force. See the free body diagram of Fig 1 below.
The angle $\theta $ between the string and the vertical axis of the coordinate systems of both frames is a function of the acceleration of the bus according to
$$\tan \theta =\frac{a}{g}$$
The tension in the string, as a function of $\theta$ and the mass of the object, is then
$$T=\frac{mg}{\cos \theta}$$
In the frame of the road the object falls behind the bus as the acceleration of bus increases until the acceleration and $\theta$ is a maximum. At which time the tension in the string is a maximum. See the sequence in Fig 2.
...causing the string to stretch so much so as to break it
The maximum tension in the string is limited by the mass attached to the string and the maximum angle $\theta$, which is a function of the acceleration of the bus. The maximum possible acceleration of the bus is limited by the coefficient of static friction between the tires and the road, according to
$$a_{max}=\mu_{s}g$$
Substituting into the first equation
$$\tan\theta_{max}=\mu_s$$
$$\theta _{max}=\tan^{-1}\mu_s$$
To put some numbers on this, the coefficient of static friction between the tires and dry pavement is generally in the range of 0.5 - 0.8. Taking the maximum value for static friction, $\theta_{max}$ = 38.7 $^o$. The maximum tension in the string is then
$$T_{max}=\frac{mg}{\cos 38.7^o}$$
One manufacturer of nominal 1/8 in (3.2 mm) diameter sisal twine says its breaking strength is about 1500 N. Using this in the previous equation we can calculate the mass of the object needed to break this string. That mass would be about 119 kg.
Hope this helps.

