Compilers are pretty good. Really good, even. But languages, even C, are abstractions, which necessarily constrain the level below. This threaded-code jump thing is just not possible to express in C. Even the best abstraction can often be beaten by something the abstraction can't express. Self-modifying code is one example. So is this threaded interpreter with its non-structured control flow.

But it takes longer. It's more difficult. That's why the abstraction exists and is still very useful despite its limitations.