Pylon Rule

I can't seem to find it online other than Twitter saying it's the right call just a bad rule.

So if a player muffs a punt and it:

Goes out of bounds it is spotted there

If it goes out of the back of the endzone it's a safety (yes?)

If it touches the pylon it's a touchback?

I'm just trying to wrap my head around this archaic system. Logically if you muff a punt that is "posession".

Anyone know the official rule or even what the rule is called?