> True, but you could do the same thing in any region of memory. The only thing that using "the stack" buys you is that there are a few special instructions to allocate / deallocate one machine word at a time (if you store the "top-of-heap" pointer in a specific register)

This is pretty much what a TLAB is in Hotspot JVM, except of course the pointer never moves backwards (once the TLAB is filled up, it retires, and then can get assigned to a different thread to start allocating from the beginning). Each allocation into the TLAB moves allocations further into the region -- there's never any reuse until the TLAB starts afresh.

The stack locality comes from the rest of the stack execution mechanics keeping this region very warm, and the majority of the read/write action to the stack is localized (apart from large stack allocations that may temporarily expand the region's use).