What you aim for and what you achieve are different things. These things take time. We've been getting faster every release. 10x faster within a single six-week period is not realistic.
(Borrow checking is not generally the slowest part; it's the codegen. Which is LLVM. But also is the IR we feed to LLVM.)
Java, Python, etc actually compile at run time so the comparison is invalid. You can measure the full iteration speed, but then image based wins (Smalltalk, Common Lisp).
It's a combination of two things, as far as I know.
1. The LLVM backend is slow.
2. The Rust frontend has historically abused the LLVM backend badly, by feeding it large amounts of barely optimized code. This is being worked on, but it's going to take a while.
That's what I heard 2~3 years ago.
Every time a new release happens, it takes around one hour to update all VSCode related tooling.