They created a specification for Ferrocene because Rust does not
yet have a language standard:
https://spec.ferrocene.dev/
>> But does the language need a standard?
Yes, Rust needs a standard.
>> And if so, then for what purpose?
For the same purpose that all standards have--to formally define it in writing.
Ferrocene's web site (https://ferrous-systems.com/ferrocene/) shows that it meets the ISO 26262 standard (https://en.wikipedia.org/wiki/ISO_26262).
Why does ISO 26262 matter? What purpose does it serve? Couldn't a vehicle manufacturer just say "our vehicles are safe"?
Which would you trust more: a vehicle that is verified to meet ISO 26262 standards, or a vehicle whose manufacturer tells you "it's safe" without formally defining what "safe" means?
I stated it above, but I will re-state it here: Without a language standard, there are many organizations and industries that will not use Rust. Not because Rust is not a fantastic tool for the job, but because laws, regulations, etc. require standardization and qualification of components.
This means that I can use a qualified C compiler and toolchain to write safety-critical code, but I can't use Rust despite the fact that Rust is a better choice and will help to prevent problems. Standards do matter. Rust needs a language standard.