According to https://en.m.wikipedia.org/wiki/Filename , reserved characters are:
HFS:
> :
HFS+:
> : on disk, in classic Mac OS, and at the Carbon layer in macOS; / at the Unix layer in macOS
APFS:
> In the Finder, filenames containing / can be created, but / is stored as a colon (:) in the filesystem, and is shown as such on the command line. Filenames containing : created from the command line are shown with / instead of : in the Finder, so that it is impossible to create a file that the Finder shows as having a : in its filename.
TIL about a 'carbon layer' and 'POSIX layer'
For users of other platforms (at least 90% of desktop market) it would just display as slashes. Just not implementing this workaround would make it predictable when moving and using files.
It is painful being forced up update things due to software changing underneath you, but there must be a middle road.