> Code emitting exceptions also have no knowledge who (if anyone) is going to handle their output.
This is no different from code returning a regular value. When writing `return -EINVAL;` or `return 0, fmt.Errorf("")` or `return Err(something)`, you have no idea who (if anyone) is going to handle your output.
Also, one reasonable way of implementing exceptions could be exactly to translate all functions that can throw exceptions to functions returning a Result type, and translating function calls to such functions to the equivalent of pattern matching on that return. Of course, this mostly forces the language to only support checked exceptions (otherwise this overhead would be added to all function calls, even those that can't actually fail).
Most languages that implement exceptions have chosen a different trade-off though: make exceptions costly to throw, but make sure they have 0 cost on the happy path. Happy-path code becomes more efficient than it is possible to be in a language which uses return values for errors (since there is no need to check the result before using it), but the unhappy path becomes significantly worse.