Modern C++ approach for providing optional arguments

Accepting a raw pointer is perfectly fine and is still done in plenty of "modern" codebases (which I'll note is a fast-moving target). Just put a comment on the function saying that it's allowed to be null and whether the function holds a copy of the pointer after the call (i.e. what are the lifetime requirements for the pointed-to value).

Does function overloading provide a clean solution here? E.g. To declare both the const ref and empty param list versions of the function?
This may depend on what the function body does in the no argument/null case - and how you can manage the two implementations to minimize code overlap.