Specialization provides more opportunities for optimizations, whereas proper type-erasure (which bars specialization optimizations) doesn't due to lack of type information.
"C macros" are a part of the preprocessor, which runs before the actual C compiler. As such, it lacks all semantical information the C compiler would have at that point, such as function implementions. In practice, macros in C serve two purposes: manipulating C source code (which Rust macros can also do, but with more hygiene); specialization polymorphism, but worse (in which both Rust's generics and C++ templates do better).