I love playing with compilers for fun, so maybe I can shed some light. I’ll explain it in a simplified way for everyone’s benefit (going to ignore the stack):

When an object is passed between functions in Python, it doesn’t get copied. Instead, a reference to the object’s memory address is sent. This reference acts as a pointer to the object’s data. Think of it like a sticky note with the object’s memory address written on it. Now, imagine throwing away one sticky note every time a function that used a reference returns.

When an object has zero references, it can be freed from memory and reused. Ensuring the number of references, or the “reference count” is always accurate is therefore a big deal. It is often the source of memory leaks, but I wouldn’t attribute it to a speed up (only if it replaces GC, then yes).