The problem is the code unconditionally dereferences the pointer, which would be UB if it was a null pointer. This means it is legal to optimize out any code paths that rely on this, even if they occur earlier in program order.
I'm sorry, but what exactly is the problem with the code? I've been staring at it for quite a while now and still don't see what is counterintuitive about it.
Depends on where you're coming from, but some people would expect it to enforce that the pointer is non-null, then proceed. Which would actually give you a guaranteed crash in case it is null. But that's not what it does in C++, and I could see it not being entirely obvious.