Memory safety is what we should be aiming for.

I don't personally like Rust, I believe Rust achieves this. In Rust, if you don't use the unsafe escape hatch, then your bugs are at worst logic bugs. There won't be any kind of weirdness like that you got some math wrong in an array access and now all of a sudden an attacker can make your program execute arbitrary code.

On the other hand, this Cake thing just adds some ownership and when folks say it's problemmatic the first answer is "oh just tell it to ignore your function". That doesn't sound like memory safety to me. It's nowhere near Rust in that regard.

Code that's full of memory bugs is likely full of other bugs too. Improving testing methodology, perhaps establishing official guidelines, would address ownership issues and more. The goal should be to write robust software, because robustness implies memory safety but the reverse is not true.