The RP2040 has a cool mode where it can be made to boot up with the USB port looking like a memory stick. That's great for software installs or upgrades. The Pico board has a BOOT button on the board; if the pico is powered up with the button pushed, it goes into that boot mode.
But if I have a product (actually a family of products) in a nice aluminum box, a user would have to remove the top cover, remove all power sources (there can be three), and hold the button down while reconnecting power.
Some of my customers also want to lock a box such that it's impossible to write to any nonvolatile memory while it's in a secure area.
So here's an idea: a small hole in the box allows a toothpick or a paper clip to push a button. A short push is a regular reset. A long push is a memory-stick mode boot. We can have a rotary switch LOCK hole too.
Schmitt trigger U3 is unfortunate and likely unnecessary, but it insures against a low-probability hazard.