I think we're entering a period of increased experimentation and rapid evolution as demonstrated by projects like YJIT[1][2], improved inline caching[3][4] and Object Shapes[5] (also used by V8), and variable-width allocation[6][7], and smaller improvements like better constant invalidation[8]. Significant investments in TruffleRuby[9] are still going on by Oracle, Shopify, and other companies.
And recently, Takashi Kokubun gave a talk at Ruby Kaigi about the future of JIT compilers in Ruby that gives a peek at a whole new set of optimizations Ruby can work on (as well as some performance comparisons against other interpreted languages)[10]. You may be surprised to see how well Ruby (with the JIT enabled) performs compared to Python 3.
All of which is to say, I think there's quite a bit of performance improvement being made in recent Rubies, and that trend will likely continue for quite some time.
update And I forgot to mention that some very notable computer science researchers and their teams are working in the Ruby community now![11]
[1]: https://news.ycombinator.com/item?id=28938446) [2]: https://speed.yjit.org/ [3]: https://bugs.ruby-lang.org/issues/18943 [4]: https://bugs.ruby-lang.org/issues/18875 [5]: https://bugs.ruby-lang.org/issues/18776 [6]: https://bugs.ruby-lang.org/issues/18045 [7]: https://bugs.ruby-lang.org/issues/18634 [8]: https://bugs.ruby-lang.org/issues/18589 [9]: https://eregon.me/blog/2022/01/06/benchmarking-cruby-mjit-yj... [10]: https://speakerdeck.com/k0kubun/rubykaigi-2022 [11]: https://shopify.engineering/shopify-ruby-at-scale-research-i...