The JVM works exceptionally well when you are dealing with long lived apps which deal with a lot of allocations and the machine running it has a substantial amount of memory. Things like webservers, for example, are near perfect fits for the JVM.
Rust does really well when you need high performance, low memory, and ultra fast startup times. It won't necessarily outperform the JVM when you talk about doing a lot of heap allocations (due to heap fragmentation) and it unfortunately suffers from the same heap fragmentation if you are dealing with a long lived server that does a lot of allocations. But then, maybe that performance loss is acceptable for the ability to very quickly scale up and down servers.
Now, the JVM is making great strides towards getting faster startup times and even fast performance at startup (AppCDS). However, those strides often involve trade offs with either build complexity or performance losses (such as Graal's AOT). The benefit for rust is that it is as fast as it ever will be without any special build steps or tweaks.
Oh, and let's not forget diagnostics. Flight recorder for the JVM is simply AMAZING. The ability to hook up to a poorly behaving production server, start flight recording, and getting detailed information about things like "where are allocations happening" or "what are the hot methods" is simply amazing. No other platform that I know of has the level of detail you can get right out of the box with flight recorder. Certainly not without restarting the application with additional configuration. For example, you'd need a special build of rust with profiling turned on to even start to get the same level of info, doing such also significantly negatively impacts performance.
What is happening now is that the free beer Java users are also getting those features on the package.
I used to be a hard-core zealot for the JVM as the performance platform of the future - and did talks arguing just as you are here why HotSpot outperforms $LANGUAGE in real applications. I feel like I'm hearing myself in your argument..
I wrote a signficant portion of the Neo4j storage engine, which is in Java. Now I'm writing another database engine in Rust (sidenote: not for replacing the Neo4j engine, just because it's interesting). Arguably database engines qualify as "significant applications".
I find - subjectively:
- Maintaining performant code in Rust is easier. I do the same patterns as I did in Java, except it doesn't rely on easy-to-break assumptions of how HotSpot happens to work (ex: stack allocations)
- Like you said elsewhere, the issue is often about fragmentation, ultimately stemming from object churn. I find that Rust makes it, culturally perhaps, easier to maintain low allocation code than Java. (sidenote: I think these two points is also why Go code generally has "better GC behavior"; Go doesn't have a better GC, it has a language that encourages less heap allocation)
- The engine I'm writing in Rust is faster than anything I've written in Java and - critically - runs for days and months without notable stalls.
Come to the dark side!