It was originally discussed as a way of avoid null pointers, for the common case where they are representing the possibility of having a value. However, it has exactly the same UB problems as a null pointer, so isn't really any safer.
I'm going to be honest, saying that memory corruption in C++ is 'almost never a problem' just doesn't match with my experience, of working on many large codebases, games, and seeing remote security holes caused by buffer overflows and memory corruption occurring in every OS and large software program ever written.
Also, that 'penalty' really does seem to be tiny, as far as I can tell. Rust pays it (you can use unsafe to disable it, but most programs use unsafe very sparingly), and as far as I've seen benchmarks, the introduced overhead is tiny, a couple of percent at most.