For better or worse, Rust 1.0 released with the philosophy that the `as` operator is for "fast and loose" conversions where accuracy is not prioritized; e.g. casting a u32 to a u8 would always risk silently truncating in the event the value was too large to represent. Over the years the language has added a lot of standard library support for bypassing the `as` operator entirely, and I think the prevailing opinion at this point might be that if they had the to do it all over again they might not have had the `as` operator at all, instead making do with a combination of ordinary error-checked conversion methods and the YOLO unsafe unchecked methods as seen here.
Which is to say: it's not that they technically couldn't have gone with the panic approach, but (performance implications aside) I think they'd rather just start moving away from `as` in general wherever possible.