If a function takes a raw pointer, you need to check the docs to know if it is taking ownership or not. There is no general rule that applies to the whole of std that functions taking raw pointers assume that they are borrowing the value.

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.