Blocking (or rather, non-blocking, which is clearly what you meant) IO is a different story. Zig had an async system, but it had problems and got removed a couple point releases ago. There's libxev[0] for evented programs, from Mitchell Hashimoto. It's not mature yet but it offers a good solution to single-threaded concurrency and non-blocking IO.
I don't think Zig is the best choice for multithreaded programs, however, unless they're carefully engineered to share little to no memory (using message passing, for instance). You'd have to take care of locking and atomic ops manually, and unlike memory bugs, Zig doesn't have a lot of built-in support for catching problems with that.
A language with manual memory allocation isn't going to be the language of choice for writing web servers, for pretty obvious reasons. But for an application like squeezing the best performance out of a resource-constrained environment, the tradeoffs start to make sense.
I am working on an actor language kernel, and was thinking of adopting the same strategy, i.e. using a very naive bump allocator per actor, with the idea that many actors die pretty quickly so you don't have to pay for the cost of GC most of the time. You can run the GC after a certain threshold of memory usage.
Since nothing can be writing to it during that anyway, I'm not sure the language level immutability makes a lot of difference to GC itself.
Assuming the number of concurrent requests is known and they have bounded memory usage (the latter is application-dependant, the former can be emulated by 503-erroring excess requests, or something trickier if clients handle that poorly), yeah, just splay a bunch of bump allocators evenly throughout RAM, and don't worry about the details. It's not much faster though. The steady state for reset-arenas is that they're all right-sized contiguous bump allocators. Using that strategy, arenas are a negligible contribution to the costs of a 200k QPS/core service.
Very few were dealing with raw memory management in C, without anything else.
And all of this evolved into the Web application servers, and distributed computing landscape of modern times.