It's common to write off compiler optimizations as unimportant, because they're invisible and people don't see them. They're also complex, which makes people predisposed to get rid of them in the name of "simplicity". But, for better or for worse, optimizing compilers are necessary complexity.
Optimizing compilers are not ubiquitous because compiler engineers just like to play with technology. They're ubiquitous because you need them.
http://www.amazon.com/Computer-Architecture-Fifth-Edition-Qu...
http://www.cecs.pdx.edu/~alaa/ece587/papers/patterson_isca_1...
I do agree that current processors optimize for C/C++ (although of course there are niche systems like Azul which optimize for other languages). It would be nice to have processor extensions that allow us get better GC performance, or better handling of immutable values. There's a chicken-and-egg problem getting there.
Would you mind expanding this.
So, in general I am saying that the road to better performance will not be in aggressive compiler optimization, but rather in higher level design tools to manage totally new software/hardware abstractions. Binaries will be specified at a higher level and look more like source code. At this point my crystal ball becomes admittedly a bit fuzzy.
On GPU's the binary compatibility issue is solved by having the driver compile the shader/compute kernel before it's used. As an example nvidia uses PTX (see http://docs.nvidia.com/cuda/parallel-thread-execution/) as an intermediate language in CUDA which is then compiled by the runtime into the actual ASM.
On modern CPU's the register renaming has already decoupled the physical registers from the instruction set register. As an example modern haswell has over 100 registers per core.
Take the canonical optimizer-created security hole: the hardware optimizer replaces a constant-time compare (which doesn't leak timing information) with a variable-time compare (which does).
I don't think this solves the problem we're setting out to solve, ie. the optimizer introducing bugs.
Right now compiler writers are playing in a kind of local minimum (premature optimization as I said.) This may produce 3x-5x faster binary code today but also forces CPU manufacturers to retain backward compatibility causing them to also stay stuck in this local well. Eventually a new architecture is created (with 10x the registers etc.) and the cycle continues.
A more amusing issue I saw was an optimization that looked for places where it could replace manual memory copying with ca call to memcpy. Something that drove the guys writing libc nutzoid. Because it was replacing the code in memcpy with a call to memcpy. (On some platforms you can implement memcpy with special assembly language calls. On some you can't)
Personally I care little about speed, since if I need more speed I can get that. And frankly if you tell me the resulting binary is 20% faster for some things, I just do not care. But I worry a lot about losing the ability to reason about side effects.