If you forget everything you ever learned about programming, and then I ask you for an integer, you're never in a million years going to reply "null"; the existence of "null" is something you had to learn. A language could simply not have a concept of "null". Even an OO language could have no concept of "null".
In practice, it's useful to be able to answer "I'm sorry, Dave, I can't do that". Some languages do that by silently and implicitly allowing this special value "null" in a return type. Some languages allow you to throw an exception (again without ever having declared that this is something you might do). But some languages take one of those approaches and make it explicit: in the two cases, you have the "option"/"maybe" type, or checked exceptions. Either of these explicit methods let a function declare that it may fail, and moreover the language forces you to handle the possibility of failure in any function which may fail.
The "reasonability" comes from the fact that the language forces you to be explicit about the possibility of failure, rather than implicitly allowing all functions to fail.
At ABI level you might want to use all-bits-zero to represent something other than a valid instance of your type, sure; that's how Rust's option type works. But making your language semantics say that that has to be allowed everywhere a valid instance could be passed is a mistake; for most functions it's an error to call that function without passing valid argument values, so it's better if the language has a way of enforcing that rather than forcing you to write it out by hand every time.
Ye some "always valid kinda a pointer"-type is nice. I wish there was some standardized compiler support for that in C, like MS kinda silly empty macros in function signatures to annotate input and output pointers etc.
I don't really view that as being relevant. F# compiles `Option.None` down to a null under the covers; what matters is that the type system is null-aware.
In practice, it's useful to be able to answer "I'm sorry, Dave, I can't do that". Some languages do that by silently and implicitly allowing this special value "null" in a return type. Some languages allow you to throw an exception (again without ever having declared that this is something you might do). But some languages take one of those approaches and make it explicit: in the two cases, you have the "option"/"maybe" type, or checked exceptions. Either of these explicit methods let a function declare that it may fail, and moreover the language forces you to handle the possibility of failure in any function which may fail.
The "reasonability" comes from the fact that the language forces you to be explicit about the possibility of failure, rather than implicitly allowing all functions to fail.