Excellent point, I never understood that either, with developers being happy that their supercomputing buzzsaw can generate a couple of 100K of text in about a second.
OTOH...it turns out that so-called "static" content actually also requires quite a bit of processing. Apache (or whichever server you are using) is not exactly doing nothing. And it also turns out that this sort of processing is I/O heavy, which isn't exactly the fastest path on the machine, even if all the caching done by various entities (more processing) tries and mostly succeeds in making sure very little I/O actually takes place.
Add to that that moving data around nowadays is generally much more expensive than doing computation on it (several instructions per clock-cyle, multi-Gigahertz clocks, so well over a hundred clocks per main memory access, and millions per I/O, even with an SSD).
In short: if we re-examine our assumptions in light of a changing environment, might a well-optimized "dynamic" stack not be faster than a "static" one? (Compare: VoltDB...). And of course you could then cache the results in memory as well.