For example, if you request your top three friends and their most recent post using REST you'll probably need to do four requests. And you can't parallelize them because you need to know your friends' IDs before you can construct the comment requests.
It seems like if you were co-executing the client on the server you could trivially achieve perfect fetching. GraphQL may actually over fetch in many situations. Here's an example: the client fetches a list of objects, filters it, and then fetches more data referenced by the results. With GraphQL, if you don't automagically parse the filter out of the client code, you over-fetch. However, the HTTP/2 solution could just push the 2nd fetch as it was made by the co-executed client.
All that being said, GraphQL certainly alleviates the server-side load co-execution would imply and that's likely more suitable to the scale Facebook operates at.
There are some situations where this doesn't work to well. For search suggestions, for example, you might not want to request `searchSuggestion(query: "Tom Smi") { <lots of data> }` on every keystroke because sequential queries will have a lot of duplication. In this case we can just fetch the IDs of the results and do a separate query to fetch the data for the people that we don't know about yet.
Having the server know about client queries (and therefore preemptively running queries) is something we specifically avoided with GraphQL. If the server knows what the client wants then sending any query across the wire doesn't make sense at all. It also falls down if data requirements client changes across client versions. You quickly end up in a place where the server has to know about all possible client queries, which is complex difficult to maintain.
HTTP/2 optimizations could just be layered on top of GraphQL post hoc. GraphQL/Relay is likely better for that purpose than a bag of endpoints. You get all the benefits you've mentioned and extremely bearable unoptimized performance. I guess I just needed to tease the two problems apart in my head.
GraphQL endpoints don't have to return a single JSON object either, you could hypothetically stream back objects as they become available (Netflix's Falcor seems to be heading in this direction too).
In some ways one of the biggest advances I see from GraphQL/Relay is that should avoid most of versioning hell for mobile - there's effectively an agreed interop language for communicating data needs, and thus backwards compatibility during API evolution should be far less complicated.