I've defended it in the past when it used to be faster (combined with pre-loading) than most websites, on mobile. Nowadays, it should be quite easy to optimize a website enough to be faster than the AMP version, but it seems not many websites are even trying…
What websites need to not only regularly preload+prerender other webpages but also webpages outside their trustzone? And when does the performance of half a millisecond matter?
Latency to remote servers isn’t half a millisecond. A click off from google would normally take a second or two to render and be much worse at the p95 page load time.
With AMP, this is cut down to tens of milliseconds.
I'm pretty sure there were multiple comments about being able to make an AMP-alternative with regular HTML that's just as fast from the very first AMP-related post on HN. It may even have been the top comment for some of the first posts.