Which would be pretty painful for everyone not working in a memory-constrained environment (at a guess, that's most developers). Much like std:println! panicking instead of returning an error, ergonomics are important too a lot of the time.
It obviously wouldn't be the default (it couldn't be, in fact, since the existing APIs are set in stone short of memory unsafety).
The way it'd work is either you'd have two different collections entirely, one which'd signal and one which'd panic (the latter possibly being built atop the former) or every method which can panic on allocation failure would also have a panic-safe alternative.