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It's not really clear from your description as to what's wrong with Optional type. When Java would introduce value classes, I could imagine Optional class to be automatically transformed by a JIT to a nullable instance removing all overhead. Why do you want to keep null inside Optional? That would be absolutely non-intuitive design.
The most basic example of the problem with null is: if you call Map.get(key) and get null back, you don't know whether that means the map doesn't contain a mapping for key, or it contains a mapping from key to null. Optional lets you solve this: if we added a Map.getOption(key) that returns an Optional then it will be None if the map doesn't contain a mapping for key, and Some(null) if the map contains a mapping from…
If you ask me, they should have introduced another class, something like NullableOptional, similar to Optional for those use-cases. I don't agree that putting `null` in every optional just because of few bad APIs is a good idea, because people use Optional exactly to avoid dealing with nulls.