(Infer dev here)
One strength of Infer is that it is inter-procedural, yet not whole-program: each procedure gets analyzed independently. So it's cheap enough to run on large codebases while still able to find deep inter-procedural bugs.
It's true that it a procedure changes that you may have to re-analyze all dependent procedures (and calling procedures!) in the worst case. However, in the bottom-up scheme you only need to re-analyze a procedure when the code change produces a change in the computed summary, and in practice summaries are frequently quite stable.
By "change" I didn't mean code change, I meant change in the information about the procedure collected during an iteration of the fixed point computation. But from the sounds of things you aren't computing a fixed point.
For example: A calls B and B calls A. You have information A0 and B0 about A and B. Analyze B, you have information B1 about B. Then you go and analyze A using B1. This gives you A1. Now you have to redo B, and compute B2. Use this to compute A2. This carries on until the information is not changing, i.e. An = An + 1 and Bn = Bn + 1.