As with everything in engineering, this is a tradeoff. Not all access patterns work well with mark-and-sweep (or equivalent full traversal patterns). In particular, without needing to release or allocate memory, a GC pass wastes cycles. Furthermore, data structures must be compatible with the GC: traversal is proportional to the number of pointers (rooted or dangling) in the heap and stack at the time of running.

Generational garbage collection helps this, but for large numbers of pointers, you're going to see performance decrease unless at some point you move the pointers out of collection contention--think an allocation pool to reduce the depth of traversal early. I believe google just released a library to help with this, though the semantics are specific enough you could easily make your problems much worse.

GC is never a flat win.