Can you collect the following:

Backing device baseline (it's possible the underlying disks regressed
instead of the bcache layer). the same fio randrw test against the
underlying backing device with bcache disabled

And with bcache enabled on both setups before and after tuning:

1) grep -r . /sys/class/block/bcache*/bcache/ > bdev_stats
2) grep -r . /sys/fs/bcache/*-*-*-*-*/ > cdev_stats
3) grep -r . /sys/class/block/sd?/queue/scheduler > bdev_schedulers

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https://bugs.launchpad.net/bugs/1806015

Title:
  bcache: performance regression without tuning under bionic

Status in linux package in Ubuntu:
  Confirmed

Bug description:
  Whilst diagnosing a disk performance issue on our QA cloud, I did some
  performance testing of bcache fronted spindles to compare xenial (4.4
  kernel) and bionic (4.14 kernel) installs on the same hardware.

  A vanilla install (with no tuning of bcache configuration) resulted in
  the following performance metrics (using the sysbench fileio rndrw
  benchmark):

  Xenial

  4 threads:
    45.77 MiB/sec read
    30.52 MiB/sec write

  48 threads (matching core count):
    138.72 MiB/sec read
    92.52 MiB/sec write

  Bionic

  4 threads:
    29.51 MiB/sec
    19.67 MiB/sec

  48 threads (matching core count):
    41.35 MiB/sec
    27.59 MiB/sec

  After tuning (disabling the congested_{read|write}_threshold_us and
  disabling sequential cutoff)

  Xenial

  48 threads (matching core count):
    153.60 MiB/sec
    102.40 MiB/sec

  Bionic

  48 threads (matching core count):
    161.49 MiB/sec
    107.67 MiB/sec

  suggestion is this might be something todo with the move from deadline to cfq 
as the default IO scheduler between 4.4 and 4.13 but as you can see 
  the baseline vanilla performance is significantly slower.

  As a further reference point, the IO performance on the NVMe device
  supporting the bcache device is:

  4 threads:
    554.56 MiB/sec read
    369.71 MiB/sec write

  
  ProblemType: Bug
  DistroRelease: Ubuntu 18.04
  Package: linux-image-generic 4.15.0.39.41
  ProcVersionSignature: Ubuntu 4.15.0-39.42-generic 4.15.18
  Uname: Linux 4.15.0-39-generic x86_64
  AlsaDevices:
   total 0
   crw-rw---- 1 root audio 116,  1 Nov 29 11:38 seq
   crw-rw---- 1 root audio 116, 33 Nov 29 11:38 timer
  AplayDevices: Error: [Errno 2] No such file or directory: 'aplay': 'aplay'
  ApportVersion: 2.20.9-0ubuntu7.5
  Architecture: amd64
  ArecordDevices: Error: [Errno 2] No such file or directory: 'arecord': 
'arecord'
  AudioDevicesInUse: Error: command ['fuser', '-v', '/dev/snd/seq', 
'/dev/snd/timer'] failed with exit code 1:
  Date: Fri Nov 30 10:11:54 2018
  IwConfig: Error: [Errno 2] No such file or directory: 'iwconfig': 'iwconfig'
  Lsusb:
   Bus 002 Device 002: ID 8087:8002 Intel Corp.
   Bus 002 Device 001: ID 1d6b:0002 Linux Foundation 2.0 root hub
   Bus 001 Device 003: ID 413c:a001 Dell Computer Corp. Hub
   Bus 001 Device 002: ID 8087:800a Intel Corp.
   Bus 001 Device 001: ID 1d6b:0002 Linux Foundation 2.0 root hub
  MachineType: Dell Inc. PowerEdge R630
  PciMultimedia:

  ProcEnviron:
   TERM=xterm-256color
   PATH=(custom, no user)
   XDG_RUNTIME_DIR=<set>
   LANG=C.UTF-8
   SHELL=/bin/bash
  ProcFB: 0 mgadrmfb
  ProcKernelCmdLine: BOOT_IMAGE=/vmlinuz-4.15.0-39-generic 
root=UUID=a361a524-47eb-46c3-8a04-e5eaa65188c9 ro hugepages=103117 iommu=pt 
intel_iommu=on
  RelatedPackageVersions:
   linux-restricted-modules-4.15.0-39-generic N/A
   linux-backports-modules-4.15.0-39-generic  N/A
   linux-firmware                             1.173.2
  RfKill: Error: [Errno 2] No such file or directory: 'rfkill': 'rfkill'
  SourcePackage: linux
  UpgradeStatus: No upgrade log present (probably fresh install)
  dmi.bios.date: 11/08/2016
  dmi.bios.vendor: Dell Inc.
  dmi.bios.version: 2.3.4
  dmi.board.name: 02C2CP
  dmi.board.vendor: Dell Inc.
  dmi.board.version: A03
  dmi.chassis.type: 23
  dmi.chassis.vendor: Dell Inc.
  dmi.modalias: 
dmi:bvnDellInc.:bvr2.3.4:bd11/08/2016:svnDellInc.:pnPowerEdgeR630:pvr:rvnDellInc.:rn02C2CP:rvrA03:cvnDellInc.:ct23:cvr:
  dmi.product.name: PowerEdge R630
  dmi.sys.vendor: Dell Inc.

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