> In fact, the whole concept that the compiler can make any transformation it wants in the presence of UB is wacky.

That's the way it's often explained but it's not really what happens--the compiler doesn't scan for undefined behavior and then replace it with random operations. Instead, it's applying a series of transformations that preserve the program's semantics if the program stays "in bounds", avoiding invoking undefined behaviors.

I agree that equating "if the programmer dereferenced the pointer" and "the pointer must not be NULL" betrays a....touching naivety about the quality of a lot of code, but if you start from the premise that the programmer shouldn't be doing that, the results aren't totally insane.