This vulnerability was fixed by https://github.com/mruby/mruby/commit/5e8a65457dc8a3e06b1a17dd482a18be382ad3fc, it was not accepted as a security vulnerability in the context of the scope defined by the project's SECURITY.md (which is fair!), so I am publishing the report here for future reference.
At the least, this is a Denial of Service/process crashing vulnerability, but I've also managed to demonstrate arbitrary memory read (with some constraints, though fully arbitrary read seems like it is possible) from pure Ruby. An untrusted script can read the full contents of a heap object it holds no reference to, deterministically. It is also able to write unreferenced objects, though the severity of this aspect is thus far limited, as it is not full arbitrary write as far as I understand.
I have had Claude iterate over it and attempt to find a path to full arbitrary write / RCE after it proposed such a thing was plausible, but it hasn't managed to demonstrate those thus far. I am unsure whether that'd b