Sorry, but I don't buy it. I had a half-baked, unfinished proposal for an effects system that would have allowed Rust to implement async/await just as efficiently (no stackful coroutines) along with any number of other effects [0]. Maybe it wouldn't have been a good idea due to stretching Rust's complexity budget too far, but that's very different from saying it's impossible. Having watched the development of Rust closely I really think that the design team just didn't understand the theory side well enough to be able explore the design space here. (I'm not being as critical as I might sound, PL theory is hard and the Rust devs have wielded it much more competently than the designers of any other non-research language).
[0] https://internals.rust-lang.org/t/start-of-an-effects-system...