A more amusing issue I saw was an optimization that looked for places where it could replace manual memory copying with ca call to memcpy. Something that drove the guys writing libc nutzoid. Because it was replacing the code in memcpy with a call to memcpy. (On some platforms you can implement memcpy with special assembly language calls. On some you can't)
Personally I care little about speed, since if I need more speed I can get that. And frankly if you tell me the resulting binary is 20% faster for some things, I just do not care. But I worry a lot about losing the ability to reason about side effects.
Right now compiler writers are playing in a kind of local minimum (premature optimization as I said.) This may produce 3x-5x faster binary code today but also forces CPU manufacturers to retain backward compatibility causing them to also stay stuck in this local well. Eventually a new architecture is created (with 10x the registers etc.) and the cycle continues.
Take the canonical optimizer-created security hole: the hardware optimizer replaces a constant-time compare (which doesn't leak timing information) with a variable-time compare (which does).
I don't think this solves the problem we're setting out to solve, ie. the optimizer introducing bugs.