The problem is that if you did that then you couldn't check regular C programs anymore, since overflow would be valid.
That also means it's possible to write overflow checks easily, and ones that the compiler won't optimise out. Before compilers became UB-crazy, you could write such checks in the most straightforward way, and get exactly what you expected. I'd consider that a far bigger advantage for security than arguing for the existence of a tool whose sole reason for existence seems to be due to the presence of UB in the first place.
That also means it's possible to write overflow checks easily, and ones that the compiler won't optimise out. Before compilers became UB-crazy, you could write such checks in the most straightforward way, and get exactly what you expected. I'd consider that a far bigger advantage for security than arguing for the existence of a tool whose sole reason for existence seems to be due to the presence of UB in the first place.