It would be a very interesting experiment to modify a C/C++ compiler so that every C/C++ program has defined semantics in terms of a simple array-of-bytes abstract machine, and see how much slower the generated code is compared to the regular compiler.
Alternatively, look at compilers like Intel's ICC --- it has historically been one of the best at code generation, yet it's not known for having anywhere near the same level of UB-craziness as Clang (or GCC, to a lesser extent). The same has been my experience with MSVC, at least the earlier versions.
Uh, ICC does some crazy things to get some of its performance, such as making transformations not allowed by the standard (inventing writes), in order to get better vectorization.
Alternatively, look at compilers like Intel's ICC --- it has historically been one of the best at code generation, yet it's not known for having anywhere near the same level of UB-craziness as Clang (or GCC, to a lesser extent). The same has been my experience with MSVC, at least the earlier versions.