It's a specialised syntax transformation that has nothing to do with HKTs, or the type system in general. Also HKTs aren't off the table it's just that their theory isn't exactly trivial in face of the rest of Rust's type system but we already have GATs.

It actually wouldn't be hard writing a macro implementing do-notation that desugars to and_then calls on a particular type to get some kind of generic code (though of course monomorphised), but of course that would be circumventing the type system.

Anyhow my point stands that how Rust currently does it is imitating all that Haskell goodness on a practical everyday coding level but without having (yet) to solve the hard problem of how to do it without special-cased syntax sugar. With proper monads we e.g. wouldn't need to have separate syntax for async and ?