As I understand it, a lot of the slowness of the rust compiler comes about from llvm. And how rust and llvm interoperate. Rustc creates and sends gigabytes of stuff to llvm - which passes all of that to its optimizer. If you skip all that work - for example by running cargo check - the compiler is an order of magnitude faster.
If rust were invented in the 90s, it wouldn’t have used llvm. Rust could still have been implemented, and we’d probably have a much faster compiler as a result. But it would have missed out on all the benefits of llvm too. It would have needed its own backend to be written - which would have been more work. And the compiler probably wouldn’t have been as good at low level optimisations. And it probably wouldn’t have out of the box support for so many target platforms. At least, not from day 1.