Rust? I don't see it either.
If you are allocating memory in your renderloop, your likely doing it wrong. Allocation outside of this critical path, well, chose your poison.
GC will consume more memory, but likely to be faster when it comes to allocating and deallocating large amount of small blocks.
Reference counting, if you do it properly (to avoid thread starvation), is costly. Cheap atomic reference counting, involves a calculated risk that you may have threads hanging.
Manual memory management, well, we all know the cost of that :)
That being said, many many games are today developed with Unit which uses C# as its primary programming language.
[1] http://www.3rdeyestudios.fi/downward-spiral-horus-station/
CPU performance is barely going anywhere. Developers should instead try to figure out how to do more with less growth.
GPUs are also overpriced, and playing older games and comparing them to new ones doesn't show great payoff. As far as I'm concerned, we've plateaued. Maybe going from a GTX 760 to a 1060 would give me a few more frames, but frankly, more often than not, the games are programmed like utter shit.