Earlier quoted context omitted.
Two things I consider: 1. what languages does the team already know best? 2. are any languages dominant in the problem space? for us, I've used Python over 10 years and Python is the leader in data science / analytics. Some things might be a little faster if we used Rust, but compute is cheap. Go with what you know.
I agree that one doesn't necessarily need a fast language, but I think that the "hardware is cheap" idea is very misleading. Renting/owning 5x as much servers may be cheap, but maintaining them isn't.
All the other services that compute hits (e.g. Postgres) are a different story, but that doesn't really matter when picking a language.