Why? Just for this edge case? It could be faster and/or allow smaller code size to allow this to be undefined.

Undefined is also different from "depends on the compiler", because which behavior is chosen can even depend on the circumstances, whatever code appears before and/or after it.

That said, UB in code, such as this example of ordering of reads of volatile parameters being undefined, does not automatically mean that code that uses it is bad. It may very well be that the function being called doesn't misbehave either way.