You can use a property called defaultProps. With defaultProps the default value of your property become part of the definition the component and is no longer reseted at every render, preventing the infinity loop with useEffect. So it will be something like that:

const MyComponent = ({ value }) => {
  const [otherValue, setOtherValue] = React.useState([]);

  React.useEffect(() => {
    setOtherValue(value);
  }, [value]);


  return <div> doesn't matter</div>
};

MyComponent.defaultProps = {
  value: []
};

And yes, there is an lint rule for that, but the rule is:

Enforce a defaultProps definition for every prop that is not a required prop

So it is not exactly what you want because it works with prop-types rules but I think will help you with it. If you wanna see more details about this rule here is the readme describing it.

The infinite loop is not related to ReactJS, so it couldn't be fixed by any versions. the issue returns to primitive/reference values.

When you are using this:

const MyComponent = ({ value = [] }) => {
  const [otherValue, setOtherValue] = React.useState([]);

  React.useEffect(() => {
    setOtherValue(value);
  }, [value]); 

For even one change from props, if the next value is undefined javascript create a new value [] and assign it to value and React.useEffect thinks it's new (actually this thought is correct) and tries to get the new prop and compare with the last one and for any of these actions use value and each time it is new because its reference is new.

But your solution is awesome, for any reference type values we must cache it and then use it to avoid creating it over and over:

const DEFAULT_VALUE = []; 
const MyComponent = ({ value = DEFAULT_VALUE }) => {

ESLint:

There are some plugin rules to force developers to add default values in required or not-required props, but none of them hints you to cache the reference-type values for default props.