It's kind of like abelian groups and hyper graphs. They generalize many domains very nicely, and are an attractive abstraction. But it turns out they're too abstract for any individual domain, and don't make life easier. The PL world seems to have learned that lesson from call/cc, but I don't know if they've reached it yet with algebraic effects - although it seems looming.
Control flow is sexy for PL researchers, so it makes sense why it's hot right now. Faster matrix multiplications are much more boring, no matter how much better they make society than weird control flow.
Just personally, I can count on one hand the number of algorithms I've written where weird control flow was necessary to make the algorithm easier, and they were all weird shit that I expect other people to use libraries for in most cases.