> For 1, I think it's hard to make a distinction between swapping an object, vs. swapping/mutating all of its fields such that it becomes equivalent to a different object.

Privacy. If an object has fields I can’t access, but I have an &mut reference, I can indirectly modify them by swapping the object.

More generally, there are a handful of special-seeming things one can do to an object: dropping it, swapping it, forgetting it, and leaking it. Rust does not offer especially strong controls for these except for pinned objects, and even then it feels like the controls are mostly a side effect of pinning.

> For 3, some objects only need to be pinned under certain circumstances, e.g. futures only need to be pinned after they're polled for the first time, but not before.

Is this actually useful in practice? (This is a genuine question, not a rhetorical question. But maybe let’s pretend that Rust had the cool ability to farm out initialization if uninitialized objects described in the OP: allowing access before pinning sounds a bit like allowing references to uninitialized data before initializing it.)

For #4, I’m not sure I have a real use case. Maybe I’ll try contemplating a bit more. Most I think that shared ^ exclusive is a neat concept but that maybe there’s room to extend it a little bit, and there isn’t any fundamental reason that a holder of an &mut reference needs to ensure that no one else can even identify the object while the &mut reference is live.