From the viewpoint of C++, I think the answer is incredibly simple: it was made undefined behavior because C had made it undefined behavior long before, and there was essentially no potential gain from changing that.
That points to what I'd guess was really more the intended question: why did C make this undefined behavior?
I don't think that has quite as simple of an answer. One possibility is simple caution -- knowledge that by the time the C standard was being written, C had already been implemented, deployed and used on lots of machines. A fair number of machines back then seemed like a lot of code I still see: something originally designed only as a personal experiment, that worked well enough that it ended up designated as "production", without even a token attempt at fixing anything by the most egregious problems. As such, even if nobody knew of hardware this would break, nobody could be really sure such hardware didn't exist either, so it was safest to just call it UB, and be done with it.
Another possibility is that it went a bit beyond simple caution. Even though we can feel fairly safe with modern hardware, there may have been hardware at the time that people really knew would have major problems with this, and (especially if vendors associated with that hardware were represented on the committee) allowing C to run on that hardware was considered important.
Yet another possibility would be that even though nobody knew of (or even feared the possibility of) some existing implementation that this could break, they foresaw the future possibility of something it would break, so undefined behavior was seen as a way of future proofing the language to at least some limited degree.
A final possibility is that whoever was writing that part of the standard moved on to other things as soon as they came up with a set of rules that seemed acceptable, even though they could have come up with other rules that at least some might have liked better.
If I had to guess, I'd say it was probably a combination of the third and fourth possibilities I've given -- the committee was aware of developments in parallel computing without knowing how it would work out in the end, so for whomever wrote this, maximizing latitude on the part of the implementation seemed like the easiest/simplest route to gaining consensus so they could finish it and move on to bigger and better things.