Proposed resolution:

This wording is relative to N5014.

1. Modify [optional.ref.monadic] as indicated:

   template<class F> constexpr optional or_else(F&& f) const;
   

   -7- Constraints: `F` models `invocable`.

   -8- Mandates: is_same_v<remove_cvref_t<invoke_result_t<F>>, optional> is `true`.

   -9- Effects: Equivalent to:

   if (has_value()) {
     return *thisval;
   } else {
     return std::forward<F>(f)();
   }
   

optional<T&>::or_else currently returns *val when it has a value, which calls the optional(U&&) constructor which in turn calls convert-ref-init-val which in turn calls `addressof`.

There's no reason to do that. It's much more efficient to call optional<T&>'s default copy constructor to just copy a pointer.