Does it just wrap the code in a context manager where __exit__ returns True or something?

I'd imagine it's just a try/except wrapper with a funny name.

It's not just a try/except wrapper, it's a try/except wrapper for every single statement individually in a given class or function :)

It has some ast stuff built in.

@fuckit

def this_is_fine(garbage_in):

   x = 1 / 0
   return "garbage_out"

this_is_fine("") ### Returns "garbage out"