Eh, maybe. There's a performance tradeoff here and maintainers opted for performance. I'm sure many folks would agree with you that it was the wrong choice, and I'm sure many folks would disagree with you that it was the wrong choice.
There are also specific methods for doing *erflow-checked arithmetic if you like.
Actually, the x86 'ADD' instruction automagically sets the 'OF' and 'CF' flags for you for signed and unsigned overflow respectively [0]. So all you need to do to panic would be to follow that with an 'JO' or 'JB' instruction to the panic handling code. This is about as efficient as you could ask for, but a large sequence of arithmetic operations is still going to gum up the branch predictor, resulting in more pipeline stalls.
There are also specific methods for doing *erflow-checked arithmetic if you like.