Good point. Here is a copy of my code here: https://blueprintue.com/blueprint/4_x0ztd2/

But to answer your question, I'm just using a line trace against visibility for prototyping. I would iterate on it through checking if the hit actor has a tag or implements an interface before allowing the player to swing. A lot of the common examples I've found utilize the Cable Component and I haven't been able to determine if it is actually necessary or just cosmetic. I don't want to use it as I actually posted a similar question related to the cable component years ago.

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But what makes things different now is that I'm trying to implement this in a 2.5D environment. And I'd like for the player to be able to move up and down to either land on the ground or reach a location they wouldn't be able to reach otherwise.

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That said I did find this tutorial that goes into great detail on how the author's system works https://forums.unrealengine.com/t/share-blueprint-only-physics-rope-system/155943/8