Earlier quoted context omitted.
Having worked on some of the latter part of that era of GPUs, the "frontend" of the shader compiler was a pretty small fraction of the total time cost, most of it was in the later optimization passes that often extremely hardware specific (so not really possible at the level of DXBC). Especially as hardware started to move away from the assumptions used in designing it. I think a big part of the user-visible differen…
One advantage of contemporary bytecode implementations is that many optimizations can occur in the “middle end”—which is to say on the IR itself, before lowering to ISA.
It's a classic example of the "first 50%" being relatively easy - like an "optimizing" compiler can get pretty good with pretty simple constant propagation/inlining/dead code elimination. But that second 50% takes so much more effort.