Non-trivial reference counting starts to look like mark-and-sweep GC.

And even then, when a ref count drops to zero, the runtime cost of destruction and deallocation of particular objects can be expensive. Stop-the-world GC is bad, but “make a blocking call because you can’t use async APIs in destructors” is worse - especially when the destructor runs in a program thread instead of a GC thread.

I feel that languages which provide support for defined object ownership and lifetime (Rust, any others?) will become the future because in many scenarios object-lifetime can be nailed-down by the compiler and thus eliminate the need for GC or ARC.