People use their iPhones to listen to things, but use iPads for the screen. On a device you listen to and that RINGS, making this a mute switch makes sense.
On a device you use for the screen, you're often twisting and turning views between portrait and landscape such as to suit each new web site you visit, so making this an orientation lock makes sense.
These devices are not the same, and the switch doesn't need to do the same thing.
It was a bad decision. People don't confuse their iPhone with their iPad. Both functions are accessible from the home home swipe screen; the hardware switches could have remained purposed to the device's most common uses.