Important subject, so-so blog post. This idea deserves further development.

The author seems to be discussing optimizing for the wrong metric. That's not a problem of too much efficiency.

Excessive efficiency problems are different. They come from optimizing real output at the expense of robustness. Just-in-time systems have that flaw. Price/performance is great until there's some disruption, then it's terrible for a while.

Overfitting is another real problem, but again, a different one. Overfitting is when you try to model something with too complex a model and and up just encoding the original data in the model, which then has no predictive power.

Optimizing for the wrong metric, and what do about it, is an important issue. This note calls out that problem but then goes off in another direction.