As someone who writes exclusively Rust on the backend and React on the frontend...
To me React is a "language", not the technique of the "tree-diffing". And I think it's the best one there is for expressing an UI. The tree-diffing (and the speed deterioration) is only the (unfortunate) way to compile it to the DOM. Still worth it IMO. With Rust it can probably be done both safely and imperatively (i.e., fast) while retaining the declarative language.
Haven't really thought it over fully, but so far it sounds really nice.