That's subtlety incorrect. Almost all languages with NULLs in fact already do this, including C. On my machine sizeof(void*)=8, and pointers can in fact express Some(x)|None. The cost of that None is neither a bit not a byte, it's a single value. A singular bit pattern.

See the None that you talk about is grafted on. It wraps the original without interfacing with it. It extends the state by saying "whatever the value this thing has, its invalid". That's super wasteful. Instead of adding a single state, you've exploded the state space exponentially (in the literal sense).