Evidence suggests the real limit is how quickly human brains can take ideas/qualia, convert them into abstractions, and encode the abstractions into language. This is because (A) very different languages still exhibit similar limits and (B) those limits appear to be governed by the sending-side. People can comprehend spoken words at a higher rate than they can spontaneously emit them.
So trying to make the language more "compact" would likely just waste precious brain-cycles on the compression step, which isn't actually necessary when your mouth already supports talking faster.
Technology analogy: Two computers are collaboratively solving a problem with back-and-forth messages. The network connection is actually very good, however the bottleneck is the CPU in each computer. Will the problem be solved faster if you change the transmission style from plaintext to gzipped?