It's amazing to me that this is trusted to build so much of software. It's basically impossible to audit yet Rust is supposed to be safe. It's a pipe dream that it will ever be complete or Rust will deprecate it. I think infinite churn is the point.
Optimizing compilers are basically impossible to audit, but there are tools like alive2 for checking them.
That would require the LLVM devs to be stupid and/or evil. As that is not the case, your supposition is not true either. They might be willing to accept churn in the service of other goals, but they don't have churn as a goal unto itself.
For starters the tooling would be much slower if it required LLVM.
I think writing a compiler targeting machine code from scratch only really makes sense if you have Google's resources, as Go did. That includes both the money and the talent pool of employees that can be assigned to work on the task full-time; not everyone has Ken Thompson lying around on payroll. To do better than LLVM is a herculean feat, and most languages will never be mainstream enough to justify the undertaking; indeed I think an undertaking of that scale would prevent a language from ever getting far enough along to attract users/contributors if it doesn't already have powerful backing from day 0.
Also, compiled languages want accurate and rich debug info. All of that information would be lost.