(Anything that modifies standard behaviour is not in PATH, but instead a shell function present only in interactive shells, so as not to break scripts.)
Unix lore: Early unix had two-letter names for most common names to make them easy to type on crappy terminals, but no
one* letter command names because the easier were reserved for personal use.
I thought was for mixin externally provided systems like Homebrew, local is for machine or org-level customizations, and ~ is for user-level customizations.
The advantage of /opt is that multi-file software stays together. The disadvantage is that PATHs get long.