MAME is also generally only hacked on by people looking to use it on x86 type CPUs. Even if there's no inline assembly, some of the "performance tricks" in the code may only work well on x86 and may actually hurt on ARM (there are other "tricks" that can go the other way, of course). Note that CPU ISA makes a huge difference in the performance of MAME: some backends run much faster on AMD64 than IA-32 even on the exact same CPU due to things such as number of explicitly named registers. If somebody wanted to hack on MAME to make it run better on ARM 1176, substantial improvements are probably possible, but I'd suspect most of the work in the "MAME on ARM" department is going to be focused on Cortex-A these days for use on modern smartphones, Beagle/Panda, etc.
Also, it'll depend on what compiler you use some. Presumably, ARM Linux MAME is being built with GCC. GCC's ARM backend is decent, but it's not as good as its x86 backend. clang/LLVM may do better (or worse). It's also possible that whoever built the build people are testing on the RasPi did something like use an old compiler or may have even had compiler level optimization disabled entirely or perhaps set for "generic ARM" which will generate pretty crap code for an ARM1176JZF.
FWIW, I'm not really fond of the SoC used on the RasPi, but it should perform OK. It's a somewhat older pipeline arch and ISA (about one major generation behind the current Cortex-A8/A9 being used on most smartphones), but at 700MHz+, it should do OK. Probably comparable to a 300-400MHz Pentium II. It's lacking in the RAM and cache department, though, so you'll have to keep the working set reasonable, which should generally be possible for classics in MAME. Combine this with the "MAME is getting slower" phenomenon, and you may have the explanation for your performance issues right there.
I guess to be clear here, it IS slower than even the "previous generation" of smartphones (single core Cortex-A8 at typically ~1GHz, roughly 1-2 years old now) by a fair bit. It's relatively old hardware. Figure you get what you pay for at $25; a modern smartphone costs about $200-500 and sometimes upward of $800 for high end ones (remember, they're heavily subsidized in the USA on 2-year contract). Obviously much of that is for things not on the RasPi, but you're still an order of magnitude cheaper for the Pi. It's a decent little dev platform, but not much more.