Note the ECU is fully aware of this - vehicles with two O2 sensors (before and after cat) model the cat and expect to see the delay and thermal mass as well- or it sets a trouble code and the Check Engine light turns on.
People that think removing a part has no consequences, well it's there for a reason or two or three.
Or, say, removing the EGR valve, because, obviously, all those emissions controls bollocks are sapping the raw unfettered power of my engine!
Which I guess the equivalent would be, removing the snubber on an SMPS perhaps; but that's as likely to cause destruction, just due to simple overvoltage. Which, if it survives, then maybe it does increase efficiency slightly, at the expense of emissions. (Note: as far as I've heard, EGR actually improves efficiency on modern engines, so it is actually just that ridiculous and self-spiteful to remove it. It was just the early ones they whined and moaned about having to tack on emissions controls, in the 70s, resulting in gutless and wasteful designs.)
Alas, engines are vastly more complicated machines than almost anything electronic, short of an actual CPU, so this isn't really much of a comparison. The muffler at least is fair, as it mostly is just acoustic "EMC" filtering (which, still, that's aside from the resonant ones that do affect engine operation).
Tim