WordPress sites are typically static content that are perfectly fit for static caching with a CDN - it really shouldn't matter how many milliseconds you are able to save on the server if your site is only being hit once every two hours from the CDN.
The 8 million caching plugins are unnecessary when you can just sign up for cloudflare.
(Who are, interestingly enough, putting a non-PHP-based high performance dynamic front-end in front of WordPress using... WP-API.)
Ultimately that sacrifice comes down to real-time dynamic site versus having some content be static or conditionally dynamic. None of that is a symptom of PHP as the backend (unless you have a LOT of traffic).
Or doing something epicly wrong. One of the two...
(I didn't end up taking it live because HHVM did not render the page entirely correctly, but the speedup was still pretty nice.)
If PHP is the slowest part of your application, you're probably in good shape. If your Wordpress application is slow, replacing PHP with Hack is like putting a souped up engine in a car with no gas in the tank.
PHP scaled poorly at Facebook not because it was PHP, but because it was Facebook. They would have run into the same (or worse) performance issues with most dynamically-typed languages.