HN is currently obsessed with Rust vs Zig. OxCaml should be considered as an alternative to both. The argument for Rust is safety, while for Zig it's ergonomics, but OxCaml shows you can have safety and ergonomics together. In my little tinkering with it [1] I found it really easy to use.
[1]: https://noelwelsh.com/posts/a-quick-introduction-to-oxcaml/
Xerox already proved that with Cedar on the Dorado, and Interlisp-D, as did many others since then.
http://toastytech.com/guis/cedar.html
Unfortunately those attempts end up failing due to human reasons, not technical ones.
OxCaml is more of a competitor to Go, JS/Typescript or the Java/.NET ecosystems than these two other languages. It's also a temporary effort that's ultimately intended to feed into upstream Ocaml.