I believe that the basic point is that it is better to have a certain, quite small, weight of equipment about your person in order to improve your chances of coming out of a situation head up, rather than feet first. Usually defined as Knife, Torch, Whistle, Signal Mirror, Survival Kit etc.

What that situation is likely to be, can it be avoided and how best to get out of it?......
That's another problem entirely.
And that is where the discussion starts...........