> It can just leave the result totally uninitialised. That's because both code paths have undefined behaviour: whichever of result.x or result.y is not set is still copied at "return result" which is undefined behaviour, so the overall function has undefined behaviour either way.

That is incorrect, per the resolution of DR222 (partially initialized structures) at WG14:

> This DR asks the question of whether or not struct assignment is well defined when the source of the assignment is a struct, some of whose members have not been given a value. There was consensus that this should be well defined because of common usage, including the standard-specified structure struct tm.

As long as the caller doesn't read an uninitialised member, it's completely fine.