There's no need to provide a rationale because it's obvious, from a performance POV:
1) (a) UB on overflow > (b)wrapping on overflow
2) (b)wrapping on overflow > (c)trap on overflow.
So when you create a language you have to pick a default behaviour, Zig allow both (a) xor (c) with ReleaseFast and ReleaseSafe..
(1) is because this allows the compiler to do "better" optimisations, which unfortunately can create lots of pain for you if your code has a bug.
(2) is because these f.. CPU designers don't provide an 'add_trap_on_overflow' instruction so at the very least the overflow check instruction degrades the instruction cache utilisation.