> You need something more sophisticated than using smart pointers for everything. In the limit, smart pointers for everything is just called "Python".

I don't see how that follows at all. What makes Python Python (and slow!) is dynamic dispatch everywhere down to the most primitive things. Refcounted smart pointers are a very minor thing in the big picture, which is why we've seen Python implementations without them (Jython, IronPython). Performance-wise, yes, refcounting certainly isn't cheap, but you just do that and keep everything else C++-like, the overall performance profile of such a language is still much closer to C++ than to something like Python.

You can also have refcounting + something like `ref` types in modern C# (which are essentially restricted-lifetime zero-overhead pointers with inferred or very simplistic lifetimes):

https://learn.microsoft.com/en-us/dotnet/csharp/language-ref...

It doesn't cover all the cases that a full-fledged borrow checked with explicit lifetime annotations can, but it does cover quite a few; perhaps enough to adopt the position that refcounting is "good enough" for the rest.