Earlier quoted context omitted.
You are dissasembling inside the interpreter. Interpreter already reads, evaluates before generating the assembly code. How does EVAL work if the entire program is compiled AoT?
> You are dissasembling inside the interpreter. What you see is no interpreter. It's an interactive interface, reading code, compiling it, executing it, printing the result. There is by default no interpreter. Everything is compiled in SBCL. A Lisp system typically includes an on-board compiler and/or interpreter.
Try running sbcl without the REPL and produce an executable binary file. Maybe the binary representation changes into something with dynamic dispatch?