But behavior needs to be implemented in some fashion, and specifying certain behavior constrains what implementations are possible, sometimes in surprising ways.
If you receive a long double function parameter and your calling conventions are so that this is passed via floating-point stack, there are no padding bits in that object which could be cleared. Ergo, if you ran std::clear_padding, this would require spilling the object from the floating-point stack into memory so that the padding bits can be accessed later, with the guaranteed cleared value.
To be fair, I don't think std::clear_padding creates this problem; you can already memcpy into an object to manipulate its padding bits, so the problem starts with padding bits being observable. However, use of clear_padding and memcpy idioms may pessimize code in practice, so perhaps that's not an idiom we want to promote.
By comparison, std::bit_cast_clear_padding ignores the values of input padding bits, so the compiler would never be required to track their values.