IMO it's the latter; CHERI requires a lot of heavy lifting at the compile-and-link layer that restricts application code behaviors, and an enormous change to the microarchitecture. On the other hand, heap-cookies / tag secrets can be delegated to the allocator at runtime in something like MIE / MTE, and existing component-level building blocks like the SPTM can provide some of the guarantees without needing a whole parallel memory architecture for capabilities like CHERI demands.