Of course the infinite loop should run as expected.
It breaks the most fundamental debugging expectations (such as "delete code until problem disappears") if the fundamental, minimal building blocks of a language, when on their own, do random rubbish.
To understand a program that does something, better first understand a program that does nothing.
As a fan of sensible analogies:
You put a salad bowl with vinegar into the fridge and notice that when you do that, the fridge stinks afterwards. You try again without the vinegar, then without the salad. In C++ world, upon receiving the empty bowl, the fridge detonates ("it is not useful"), blowing up your house. That is not OK.
But if you program a for loop computing the sum from 1 to n, this also gets replaced by a constant (unless you build in debug mode). Why would an empty loop be different?
I think the argument is that the equivalent of an infinite loop would be a halt / abort instruction, not a complete removal of the loop and continue running anything else.
Not necessarily what you want in that case either: it's a common pattern in cases where you want the system to halt until you can attach a debugger to inspect the state. A halt/abort instruction that trashes that state would be undesirable (some CPUs have an instruction that is equivalent, but many do not, after all, why bother if you can just write an infinite do-nothing loop?).
Expecting a piece of code to be compiled to a precise sequence of machine instructions is exactly what you should not do with high-level languages like C++. Their task is exactly to abstract the machine away. They give you the guarantee that the final observable result will be what you asked for, not that the means to obtain that result will be what you have in mind.
If you write a loop to zero out some memory, it can be compiled to a loop, or to a call to an optimized predefined function, or even to a sequence of single zeroing instructions, if the size is small enough.
Even a single statement as a=0 may be compiled to a "load immediate" instruction, or an "XOR with itself", or a "sub with itself", or a move from another register known to be 0.
I'm not sure what this has to do with my comment. I am aware of all of this. It would be nice if an infinite loop was defined to be 'do nothing, indefinitely'. On architectures with an instruction that works that works precisely that way, it could be turned into that, perhaps, but that's an implementation detail and should follow the as-if principle (I'm also not sure any compiler would bother).