But why? You can do everything contracts do in your own code, yes? Why make it a language feature? I'm not against growing the language, but I don't see the necessity of this specific feature having new syntax.
Pre- and postconditions are actually part of the function signature, i.e. they are visible to the caller. For example, static analyzers could detect contract violations just by looking at the callsite, without needing access to the actual function implementation. The pre- and postconditions can also be shown in IDE tooltips. You can't do this with your own contracts implementation.
Finally, it certainly helps to have a standardized mechanisms instead of everyone rolling their own, especially with multiple libraries.
In terms of contract in a function, you might be passing the pointer to the function so that the function can write to the provided pointer address. Input/output isn't specifying calling convention (there's fastcall for that) - it is specifying the intent of the function. Otherwise every single parameter to a function would be an input because the function takes it and uses it...
I worked on a massive codebase where we used Microsoft SAL to annotate all parameters to specify intent. The compiler could throw errors based on these annotations to indicate misuse.
A nitpick to your nitpick: they said "memory location". And yes, a pointer always points to a memory location. Notwithstanding that each particular region of memory locations could be mapped either to real physical memory or any other assortment of hardware.
Contracts are about specifying static properties of the system, not dynamic properties. Features like assert /check/ (if enabled) static properties, at runtime. static_assert comes closer, but it’s still an awkward way of expressing Hoare triples; and the main property I’m looking for is the ability to easily extract and consider Hoare triples from build-time tooling. There are hacky ways to do this today, but they’re not unique hacky ways, so they don’t compose across different tools and across code written to different hacks.
The common argument for a language feature is for standardization of how you express invariants and pre/post conditions so that tools (mostly static tooling and optimizers) can be designed around them.
But like modules and concepts the committee has opted for staggered implementation. What we have now is effectively syntax sugar over what could already be done with asserts, well designed types and exceptions.
Finally, it certainly helps to have a standardized mechanisms instead of everyone rolling their own, especially with multiple libraries.