I agree that would be useful. I'm fairly sure it is because all the entries in `AllowedIPs` are just written as-is to the routing table, and the routing logic in the kernel (and most/all routers?) has no facility for 'does not match'.
Instead the solution would be to add a explicit route to state where the excluded CIDR should be sent to. That would would be more specific and would therefore be used for matching packets rather than the 0.0.0.0/0 (or whatever) routed pointed at the wireguard tunnel.