Long answer:
Airdrop does discovery via bluetooth. To send a file, the two devices connect via bluetooth to negotiate the details of a new ad-hoc wifi connection, which they then create, connect to, and use for the transfer.
The discovery does not rely on a shared network, and once connected, the devices never 'discuss' whether they already share a network, so it's WIFI or nothing.
This gives some security guarantees that wouldn't exist otherwise. EG: Airdrop won't go through Starbucks' WIFI, even if both the sender & receiver are connected to it. Honestly I'm not sure how important those guarantees are -- but they're there.
I don't think there's a fundamental barrier stopping Apple from:
1. Having devices advertise an 'airdrop-box' through Bonjour as well as though bluetooth LE,
2. Including these entires in the Airdrop UI
3. De-duping entries where it figures out that a network device is the same as a bluetooth device.
4. Running same-network transfers through SMB rather than using [what they currently call] Airdrop to negotiate an ad-hoc WIFI network.
...but they haven't done so.
This isn't just theory: I use my Mac mini in exactly this configuration. Wired Gbit Ethernet, but with Wifi left on but connected to no network for airdrop/handoff/etc stuff.