That's a problem with select * in general, not a problem with using EXCLUDE with select *. So that still doesn't explain why it's not in SQL to begin with.
Worst, by far, than a column you didn't expect being added is a column you did expect being removed. Depending on how thorough your integration tests are (and ideally they should be pretty thorough) you could suddenly start getting strange array key access (or object key unfound) errors somewhere on the other side of the codebase.
It appears how this works is that is selects all columns and then EXCLUDES only the column's specified, the reason this doesn't exist in normal SQL is because it is a terrible idea. This is something that will break at many companies with large technical debt if it is ever used.