If you have an actual pointer type *mut P then Option<*mut P> might be None or it might be Some(null_pointer) or Some(other_pointer) that's not 2x more problems it's just a representation of a more complicated scenario - we may or may not have a pointer and, if we do have a pointer that might be null. We'd presumably have done this because we need to distinguish those cases.

If you actually mean Option<NonNull<P>> you should write that, now we're saying this is either a non-null pointer or it's nothing. Often though you want Option<&P> either a reference or nothing, or you actually did mean a raw pointer *mut P and you're going to handle scenarios where it is null or whatever.

Edited: Fix asterisks