Why can’t GCC generate an optimal operator== for a struct of two int32s?

If you “fix” the alignment, all give the same assembly language output (with GCC):

struct alignas(std::int64_t) Point {
    std::int32_t x, y;
};

Demo

As a note, some correct/legal ways to do some stuff (as type punning) is to use memcpy, so having specific optimization (or be more aggressive) when using that function seems logical.