A kernel panic doesn't bring down the CPU, nor the hard drive, or the RAM, or the power supply unit. So if we're being pedantic, the machine is still up.
Well, a kernel bug gets write access to everything. A bug in userland is a bit more constrained in what it can do.
That counts especially for accidental bugs and denial of service. To make a userland bug exploited adversarially not impact the rest of the system requires more hardening of the kernel.
Yes, these are the standard excuses. But has anyone actually thought about them in the last twenty years, in the context of the way we actually use computers?
Eh, yes? Just look the discussions surrounding the development of any web browser? Or look at the permissions system in Android or iOS or on Mac (and perhaps even Windows?).