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.