I'm using MySQL's Spatial Extensions. It has the Envelope() function
that returns an MBR for the given geometry. You could use that to
easily extract the points you need for set for fitBounds(). I don't
know what you're using to store your geo data, but I believe most
spatially-aware databases have similar functions.
SELECT AsText(Envelope(geometry));
returns (MINX MINY, MAXX MINY, MAXX MAXY, MINX MAXY, MINX MINY)
grab the first and third coordinates in the return and use them as
your lat/lng for fitBounds();
I haven't actually implemented this yet, but I think it'd be quicker
to load than doing the processing on the client side or even in a loop
over the points server-side.