As far as voting machines go, kernel panic sounds waaay better than executing malicious code.
> Imagine a security f*ck up, like Heartbleed, but this time with an option to halt kernels / systems.
IIRC heartbleed didn't allow you to execute code (it allowed you to read more memory than you should have been able to). A better example is every flash player bug ever. Would you rather that thing crashes or executes malicious code? Keep in mind that the malicious code can also shut down your system.
Also keep in mind that we're talking about userspace programs right now. This thread is about kernel bugs. Userspace programs already have the option to ask the kernel to kill them if they misbehave. A lot of them do that (using features like seccomp filter) and many more should. (Chrome and Firefox both use seccomp filter I think.)