The instrumentation and observability are more heavyweight than the overhead of unwinding the stack which is already keeping track of the most important information (in most mainstream langauges, at least. And even if you don't have a contiguous stack there's usually still the same information around at the point an error is created, assuming that you have something like functions that are returning into other functions. Exceptions, as a model, basically allow the code that raises an error to determine where the error is going to be caught without unwinding and removing the information that lets you track from the top level to where the error was raised). It is still tradeoff, of course (returning errors is more expensive than success), but it's one in a much better place in practice than other options (as obvious by the fact that errors-as-values implementations rarely keep this information around, especially not by default)