Any decent JIT compiler (and HotSpot's is world class) will optimize this out. Likely this was done very early on in development, or was just to reduce bytecode size to promote inlining heuristics that use it

That was a niche optimization primarily targeting code at intepretor. Even the most basic optimizing compiler in HotSpot tiered compilation chain at that time (the client compiler or C1) would be able to optimize that into the register. Since String is such an important class, even small stuffs like this is done.