[cesarb]

> That could literally produce no output program?

Way worse than even that (you might be noticing a theme here...). Once the optimizer has removed as dead code any branch that, if taken, would provably lead to UB at some arbitrary future point of execution, it can conclude that the other branch is now the only possible execution, and call it unconditionally, even if that leads to removing all your files (the classic example is https://kristerw.blogspot.com/2017/09/why-undefined-behavior...).