>In an completion based design the future itself tells the runtime that the value is ready
I think there is a misunderstanding. In a completion-based model (read io-uring, but I think IOCP behaves similarly, though I am less familiar with it) it's a runtime who "notifies" tasks about completed IO requests. In io-uring you have two queues represented by ring buffers shared with OS. You add submission queue entries (SQE) to the first buffer which describe what you want for OS to do, OS reads them, performs the requested job, and places completion queue events (CQEs) for completed requests into the second buffer.
So in this model a task (Future in your terminology) registers SQE (the registration process may be proxied via user-space runtime) and suspends itself. Let's assume for simplicity that only one SQE was registered for the task. After OS sends CQE for the request, runtime finds a correct state transition function (via meta-information embedded into SQE, which gets mirrored to the relevant CQE) and simply executes it, the requested data (if it was a read) will be already filled into a buffer which is part of the FSM state, so no need for additional syscalls or interactions with the runtime to read this data!
If you are familiar with embedded development, then it should sound quite familiar, since it's roughly how hardware interrupts work as well! You register a job (e.g. DMA transfer), dedicated hardware block does it, and notifies a registered callback after the job was done. Of course, it's quite an oversimplification, but fundamental similarity is there.
>I think your design ultimately requires futures to be implemented as a language feature, rather than a library
I am not sure if this design would have had a Future type at all, but you are right, the advocated approach requires a deeper integration with the language compared to the stabilized solution. Though I disagree with the opinion that it would've been impossible to do in Rust 1.