Since I actually happen to know Mike, I can guarantee you he profiled. He might not share the results in the slides, because they were about making a point and getting laughs in the process, not production code.
This is one of those things that compilers have been optimizing for years and are very good at: strength reduction wrt variables that depend on the loop variable.
Many compilers are good at it. In many instances. But if you do multi-platform development, with entirely different compilers for each platform, doing manual strength reduction is a good investment of your time if performance really matters.
and rather than doing any maintenance you just start a new game from scratch
Thankfully, that model is fading. It was a result of rapidly changing architectures, so that often at the beginning of the next console cycle, you had to rewrite anyways - the hardware was so different that what was previously fast suddenly was a disaster.
Given the fact that hardware is moving closer and closer to being bog-standard, and that code bases are large enough that a rewrite is actually insanity, not a couple of bored weekends, this mentality is fading out.