[1] https://git.savannah.gnu.org/cgit/coreutils.git/commit/?id=2...
There are also optimizations on other layers, e.g. transparent compression (e.g. btrfs) and online block-level dedup (e.g. dm-vdo), that can aid in minimizing and/or avoiding actual block copies.
When all else fails, cp will anyway fallback to buffered IO, so it won't be bound by the rate of IO (as long as writeback can keep up with memory pressure).
Of course improvements on all layers are always welcome and there are certainly workloads that can benefit from an optimized raw throughput, low-latency and scalability. Demanding workloads are typically using dedicated IO stacks and bypass the kernel altogether (e.g SPDK), but the amazing efforts of Axboe and everyone else in the kernel community have been continuously bringing linux up to par in terms of IO performance.
[1] https://man7.org/linux/man-pages/man2/copy_file_range.2.html [2] https://git.savannah.gnu.org/cgit/coreutils.git/commit/?id=4...