Had similar epiphanies some many years ago (ugh, I'm old) when I was playing around writing a garbage collected persistent (in the 'stored on [spinny spinny] disk' sense not the FP sense of the word) programming language / runtime. This was back when it was roughly infeasible to be holding large "worlds" of objects purely in-memory on machines of the style of the time, so intelligently paging objects in and out was imperative. (Aside, I think with the recent doubling... tripling of RAM prices this area of thinking is now again more imperative)...

In any case, if one is doing GC in such a language, a full tracing collector (whether copying or mark & sweep) is madness, as to find live references means walking nearly the entire heap including the portions living in secondary storage, and now you're in a world of pain.

In this case, an intelligent cycle collecting garbage collector in the Bacon style was the answer. You keep in in-memory table of reference counts, and you only trace when you hit cycles.