I suspect it's a mix of historical reasons (#! support was added pretty early, in 1980 or so, when the unix development philosophy I think tended quite strongly to "do the simple thing", and there wasn't so much variation in where you might put important binaries like the shell), plus the fact that the kernel doesn't know anything about PATH (it's only your shell that does), plus vague worries about potentially accidentally breaking existing #! lines that used to work.