Anyway safety checked modes are sufficient for many programs, this article claims otherwise but then contradicts itself by showing that they caught most issues using .. safety checked modes.
I recently had a less wild but similarly baffling experience on an embedded-but-not-small device. Address 0 was actually a valid address. We were getting a HardFault because a device driver was dereferencing a pointer to an invalid but not-null address. Working backwards, I found that it was getting that invalid address not from 0x0 but rather from 0xC… because the pointer was stored in the third field of a struct and our pointer to that struct was null.
foo->bar->baz->zap
No, it won't. https://gcc.godbolt.org/z/Mz8sqKvad
The problem is not nullopt, but that the client code can simply dereference the optional instead of being forced to pattern-match. And the next problem, like the other guy mentioned above, is that you cannot make any claims about what will happen when you do so because the standard just says "UB". Other languages like Haskell also have things like fromJust, but at least the behaviour is well-defined when the value is Nothing.
It's not a pointer.