The JIT is getting better. Major escape analysis upgrades are a big part of where Graal (a drop-in replacement for the HotSpot JIT) gets its performance boosts. EA definitely does work well there because Truffle depends on escape analysis and scalar replacement very heavily. GraalVM CE is better than regular HotSpot at doing it and GraalVM EE is even better again.
Jaotc, — Graal's sole mainstreamed part, — has been recently removed from OpenJDK in 17th release, and Oracle says [1], that they are "considering the possibility of using C2 for ahead-of-time"
It’s almost as if graal and openjdk are separate projects with different use cases. Also, they are not competing (in the usual meaning) since both are developed by Oracle.
