Coming from HUGO I stumbled over the real impressive mkdocs-material.
Before switching over to the mkdocs world I made a quick pagespeed test (see blow) and was a bit dissapointed by the figures (73 mobile, 46 desktop).
Clients nowadays demand loading times of less than 3 seconds with a pagespeed rating of at least 85.
Can "mkdocs-material" be improved with respect to render-blocking?
Thanks for reporting. I did a pagespeed test some while ago and it had the same result. I try to explain the penalties:
modernizr.js to the bottom of the body right above the application.js . It's possible as Material is entirely built using progressive enhancement, but I don't know if it will greatly improve rendering. Extracting the above-the-fold CSS is not really possible, as "above the fold" can be the entire page, see:
Leverage browser caching: this is entirely attributed to the cache headers of GitHub pages. The theme can't do anything about these values. If you self-host, you can eliminate all errors by setting more appropriate cache headers.
Optimize images: that's a problem specific to the Material documentation and the large image. I may consider generating a thumbnail for this, but it's not a problem of the theme but of the content.
Same for desktop and mobile. For validation, I searched for people self-hosting their docs and found retropie.org.uk to have quite a reasonable configuration:

See the page speed insights. If they would optimize asset delivery, page speed ratings should be above 85 for both mobile and desktop.
Oh, and the load times are also very good (in my opinion):
| Request | Payload | DomContentLoaded | Load |
| - | - | - | - |
| 1st | 219 KB | 535 ms | 809 ms |
| 2nd | < 1 KB | 384 ms | 459 ms |
Measured on https://squidfunk.github.io/mkdocs-material/getting-started/
Closing this as answered/resolved.
@dbdevtop I'm not a fan of this solution but you may look at this article: