Something I also didn't see: this is great for creating new objects, but what about editing an existing one? How do you get the values of your model in the @State properties you are editing? You can't do that in an initializer, and the defaults are constants.
Am I correct in stating that this will only work using an ObservableObject and Published properties which contain the initial values? I see no way of setting the @State properties to the current values in my model.
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Your Registration class in example 2 is what most people would probably implement as RegistrationViewModel.
I'm not 100% with you on the "all ViewModels must die" train yet, but I do agree it's completely useless in a lot of scenarios. I started thinking about it a bit more and in my current project I just deleted/refactored a whole bunch of files because of this, because I realised they didn't bring anything to the table except for boilerplate code.