I am not sure if this is true. Well, you are not really making a statement that could be easily interpreted. Virtio is specifically created to address performance issues with virtualization. Are you unhappy about the implementation quality or you generally believe that para-virtualization is not the way to go about improving virtualization overhead?
One prime example when with virtio it was possible to get native performance _after_ minimum configuration tuning:
It's using virtio-mmio which is less efficient than virtio-pci. But I/O was not a focus of Firecracker, for example it doesn't scale very well because it doesn't do concurrent I/O operations.
I'm sorry that my first comment was not enough informative.Now, I'm refering to the paper that I read couple of days ago [0]. If you look at the figure 8-9, FC has some issues with IO.