It does[1]. And process of improving it is called PEP[2].
[2]: https://en.wikipedia.org/wiki/Python_(programming_language)#...
No thanks. Written specs can always have interesting implications or undefined behaviour. Just because it's written in a more verbose language (English) doesn't mean it's less vague.
E.g. GGC is the de facto C spec for many. Code/platforms as spec makes more sense and is easier to maintain/update, with quicker iterations of language features (c.f. Ruby/Python to C++).
Python started as a one-man-band project and of course didn't have a specification.
C started as a one-man-band project and of course does have a specification.
JavaScript started as a one-man-band project and of course does have a specification.
Each of them also has a strong need for a specification, as there are many differing compilers and interpreters. There are a few for Python but are specialized, the CPython interpreter is good enough for 90% of cases.
You can say it's imprecise or lack of ratification from one or many international organization(s), but you cannot say it doesn't exist. End of story.
A) Not well optimised.
B) Touting features before the spec/standard.
EDIT: people really dislike that I said this, and I'm having trouble finding my original citation- it was on one of the many python books I own. Most likely "Learn Python The Hard Way" but I'll dig out the exact chapter where they compare pypy to cpython and mention that because cpython is the reference implementation it values code clarity over performance optimisation.
CPython is 25 years old -- people have been making it faster for a long time. Python 3.6, the latest release, has many performance improvements, cf. http://www.infoworld.com/article/3120952/application-develop...
(edit: I'm just being polemic about your statement here. CPython is reasonably optimized within the constraints it currently has).
It makes sense that the reference implementation mirrors the same patterns than the language itself.
It explains why CPython can't improve on many things.
https://www.youtube.com/watch?v=qCGofLIzX6g&list=PLRdS-n5seL...
Basically, the language doesn't have a "spec" per-se. The language is whatever the defacto CPython implementation happens to do within it's giant eval loop.
Another great talk about CPython internals:
http://pgbovine.net/cpython-internals.htm