The main problem with hardware call stacks is that they can't be relocated if you need predictable performance and/or have pointers instead of offsets into the stack. That means they are bounded size. With 64-bit addresses that may be less of a problem, but still. Functional language do not need to use the hardware stack, so that shouldn't be an issue.
> Having a single address space for both code and data mainly just gives an opportunity for optimisation to fail.
I don't think C requires that in any way, but since void pointers are allowed to point to either code or data, representation of void pointers must be somewhat "compatible" with both address spaces.
> Everything-is-mutable gives a lot of opportunity for optimisation to fail.
Not a hardware issue. Also not everything is mutable, not even in C. But you need some mutability for performance even at more abstract levels.