It does, but puts players at danger. I have the same view on this play as I do on leaping over the line.
Let's say you have an aggressive, half crazed defender who fights through a hold and then totally levels the kicker. He knows the flags are already on the ground for the offense, and the game is over, sort of. But because the game can't end on a defensive foul, situational football requires him to commit a defensive foul. What better penalty to take than to take out the punter?