Even if Rust had chosen to make &str literally just mean &[u8] rather than promising it is UTF-8 text, the fact &str existed in Rust 1.0 was a huge win. Every API that doesn't care who owns the textual data can ask you for this non-owning slice type, where in C++ it had to either insist on caring about ownership (std::string) or resort to 1970s hacks and take char * with zero terminated strings.
And then in modern C++ std::string cares about and preserves the stupid C-style zero termination anyway, so you're paying for it even if you never use it.