> Unfortunately, over the years, arXiv has become something like a "venue" in its own right, particularly in ML, with some decently cited papers never formally published and "preprints" being cited left and right. Consider the impression you get when seeing a reference to an arXiv preprint vs. a link to an author's institutional website.

This just isn't true. arXiv is not a venue. There's no place that gives you credit for arXiv papers. No one cares if you cite an arXiv paper or some random website. The vast vast majority of papers that have any kind of attention or citations are published in another venue.