https://www.postgresql.org/docs/12/sql-insert.html#SQL-ON-CO...
For other cases there is work being done by 2nd Quadrant to add MERGE into PostgreSQL, but I’m glad the other functionality was added first to avoid a common and faulty use case of MERGE.
Obviously, you have to watch your execution plans and make sure everything is indexed accordingly, because the guts of almost every Merge are a JOIN and if your database isn't set up for performant joins then of course you will hate Merge's performance.
And again, certainly anecdotal and a relatively long time ago in this industry's terms that I did any of that. But still something I'm fascinated by.
[ETA: Also, yes Merge is overpowered and underperformant for single row upsert, but as soon as you need bulk upsert, chef's kiss.]