First, symlinks are not really portable, for example they don't work on Windows, or in ancient UNIX systems.
Also, that way every command executes with the same privileges because it's the same binary. And at least in Linux capabilities are bounded to a binary. So for utility that necessitate of special capabilities (e.g. ping, passwd, sudo, etc) this approach will not work.
Yes, it works on busybox since everything is owned by root on the typical system so nobody cares about privileges.
Finally, you need to load in memory every time you run a single binary all the thing needed by all the other binaries, even for the `true` binary. To me is stupid.
The solution exists, and exists since ever, and it's encapsulating common functionalities in shared libraries, and have very small binaries linked to only the libraries they use. Unfortunately Rust choose not to support them for stupid reasons like problems that were resolved decades ago.