Equivalent/Alternatives for Alt+Dot in Mac

You can press Escape+. many times, it does the same thing as Alt+..
But, like you, I find it more cumbersome to type than Alt+..

In Terminal.app, Preferences->Settings, select the Keyboard tab. Ensure "Use Option Key as Meta" is checked.

Use option+.

Note that this is a feature of bash and not linux. Macs have bash on them as well. Alt-. is the shortcut for a builtin bash function insert-last-argument. Read the READLINE section of the bash man page for how you can bind this to a different key combination.

Pasting a few relevant parts:

   Readline Initialization
       Readline  is customized by putting commands in an initialization file (the
       inputrc file).
       The  default key-bindings may be changed with an inputrc file.  Other pro-
       grams that use this library may add their own commands and bindings.

       For example, placing

              M-Control-u: universal-argument
       or
              C-Meta-u: universal-argument
       into the inputrc would make M-C-u execute  the  readline  command  univer-
       sal-argument.

   Readline Key Bindings
       The  syntax  for  controlling  key bindings in the inputrc file is simple.
       All that is required is the name of the command or the text of a macro and
       a  key  sequence to which it should be bound. The name may be specified in
       one of two ways: as a symbolic key name, possibly with Meta-  or  Control-
       prefixes, or as a key sequence.

       When using the form keyname:function-name or macro, keyname is the name of
       a key spelled out in English.  For example:

              Control-u: universal-argument
              Meta-Rubout: backward-kill-word
              Control-o: "> output"

       In the above example, C-u is bound  to  the  function  universal-argument,
       M-DEL is bound to the function backward-kill-word, and C-o is bound to run
       the macro expressed on the right hand side (that is, to  insert  the  text
       ``> output'' into the line).

       In  the  second form, "keyseq":function-name or macro, keyseq differs from
       keyname above in that strings denoting an entire key sequence may be spec-
       ified  by placing the sequence within double quotes.  Some GNU Emacs style
       key escapes can be used, as in the following  example,  but  the  symbolic
       character names are not recognized.

              "\C-u": universal-argument
              "\C-x\C-r": re-read-init-file
              "\e[11~": "Function Key 1"


   Commands for Manipulating the History
       insert-last-argument (M-., M-_)
              A synonym for yank-last-arg.

If you open Terminal.app and enter preferences, and go to Settings > Keyboard and check “Use option as meta key”, you can use the bash shortcuts that use alt, for example:

Alt+B: Skip word backwards

Alt+F: Skip word forwards

Source