To those who are just as confused as me:

Compilers can do whatever they want when they see UB, and accessing an unassigned and unassiganble (file-local) variable is UB, therefore the compiler can just decide that *foo is in fact always 42, or never 42, or sometimes 42, and all would be just as valid options for the compiler.

(I know I'm just restating the parent comment, but I had to think it through several times before understanding it myself, even after reading that.)