> This code is obviously correct. It never panics

It doesn't panic within the code you typed, but it absolutely still can panic on OOM. Which is sort of the problem with "no panic"-style code in any language - you start hitting fundamental constructs that can can't be treated as infallible.

> Basically every practical language has some form of "this should never happen" root.

99% of "unrecoverable failures" like this, in pretty much every language, are because we treat memory allocation as infallible when it actually isn't. It feels like there is room in the language design space for one that treats allocation as a first-class construct, with suitable error-handling behaviour...