(look, i know you understand how exceptions work, please bear with me)
yes, Exception objects are technically values, but you don't return them to the caller; you throw them to the, uh, catcher. basically, you get a special, second way of returning something that bypasses the normal one! but in the EaV approach, errors just are returned like every other thing.
the uniformity of EaV comes in handy when doing generic things like mapping a function over a collection - don't have to worry if something will throw, because it's just a value! and that lets you go to some pretty powerful places w.r.t abstraction: see e.g. haskells `traverse`.
but yeah, EaV needs some syntactic sugar to reach ergonomic par with exceptions, otherwise you get if-err-not-nil soup :P