Isn't that a limitation imposed by the POSIX APIs, though, as a direct consequence of the interface's representation of hierarchical filesystems as trees? As you've illustrated, that necessitates walking the tree. Many tools, I suppose, walk the tree via a single thread, further serializing the process. In an admittedly haphazard test, I ran `find(1)` on ext4, xfs, and zfs filesystems and saw only one thread.
I imagine there's at least one POSIX-compatible file system out there that supports another, more performant method of dumping its internal metadata via some system call or another. But then we would no longer be comparing the S3 and POSIX APIs.