Why is this code 6.5x slower with optimizations enabled?

I wanted to benchmark glibc's strlen function for some reason and found out it apparently performs much slower with optimizations enabled in GCC and I have no idea why.

Here's my code:

#include <time.h>
#include <string.h>
#include <stdlib.h>
#include <stdio.h>

int main() {
    char *s = calloc(1 << 20, 1);
    memset(s, 65, 1000000);
    clock_t start = clock();
    for (int i = 0; i < 128; ++i) {
        s[strlen(s)] = 'A';
    }
    clock_t end = clock();
    printf("%lld\n", (long long)(end - start));
    return 0;
}

On my machine it outputs:

$ gcc test.c && ./a.out
13336
$ gcc -O1 test.c && ./a.out
199004
$ gcc -O2 test.c && ./a.out
83415
$ gcc -O3 test.c && ./a.out
83415

Somehow, enabling optimizations causes it to execute longer.