This is in relation to their TPCH benchmark which can be due to a variety of reasons. My guess would be that they can generate stencils for whole operators which can be transformed into more efficient code at stencil generation time while LLVM-O0 gets the operator in LLVM-IR form and can do no such transformation. Though I can't verify this because their benchmark setup seems a bit more involved.

When used in a C/C++ compiler the stencils correspond to individual (or a few) LLVM-IR instructions which then leads to bad runtime performance. Also as mentioned, on larger functions register allocation becomes a problem for the Copy-and-Patch approach.