Smart pointers were added to the language 14 years ago. You're free to use old C++ with raw pointers and manual memory management, risking dangling pointers, or use modern C++, which provides smart pointers to avoid those issues.
And even if you could assume that pointer parameters represent borrowing, they are definitely not guaranteed to represent scoped borrowing: the function could store them somewhere, and then you end up with other issues. So shared_ptr is the only solution if you care about safety to represent a borrowed pointer. And of that's too costly, but the std designers did care about safety, they could have introduced a std::borrowed_ptr<T> that is just a wrapper around T* but that is used uniformly in all std functions that borrow a pointer and guarantee not to store it.