Minimal working example
Finishes successfully in less than 90 sec:
julia -J ~/julia/julia-1.8.3/lib/julia/sys.so --output-o z.o -e ' '

Does not finish even after several hours, with no warnings, error messages or output file created:
julia -J ~/julia/julia-1.8.3/lib/julia/sys.so --output-o z.o -e ' ' --compile=all

Additional info:
These pull requests are relevant: #47357 #46935

julia> versioninfo()
Julia Version 1.8.3
Commit 0434deb161e (2022-11-14 20:14 UTC)
Platform Info:
  OS: Linux (x86_64-linux-gnu)
  CPU: 16 × 12th Gen Intel(R) Core(TM) i5-12600KF
  WORD_SIZE: 64
  LIBM: libopenlibm
  LLVM: libLLVM-13.0.1 (ORCJIT, goldmont)
  Threads: 1 on 16 virtual cores
Environment:
  LD_PRELOAD = /usr/lib/x86_64-linux-gnu/libstdc++.so.6

I installed Julia by downloading julia-1.8.3-linux-x86_64.tar.gz, gpg-verified it with julia-1.8.3-linux-x86_64.tar.gz.asc, untarred it into ~/julia/ and made a soft link to ~/julia/julia-1.8.3/bin/julia