Do you even want/need power steering assist in a runaway situation?
mzr's comment above gives good advice: don't turn off or remove the key in a moving vehicle. Shift to neutral if the gas pedal is stuck.
Which begs the question: why isn't the electric-assist motor designed to freewheel when power is lost? Losing steering assist at speed would be a more manageable situation.
In my sole unintended acceleration incident (floormat) I was beginning (but committed to) a turn. I put the car into neutral and came out of it okay. (people forget that any modern engine has a rev limiter so neutral is really pretty safe)
It would have made a bad situation worse for me if I had lost my steering. I've lost steering on that car (lost the generator for a few seconds in the wet on two separate occasions) and I can confirm what someone else said about the steering getting quite heavy.
If the key is in the ON, or ACC position the steering lock will not engage[0]. I do agree that killing the engine should not be the first thing to do. It should introduce a fuel or ignition cut to lower RPM (like some cars do in neutral to avoid users from doing neutral to drive WOT drops).
[0] I used to work on cars for a living.
So at worst the steering would be locked for only a second.