It's also based on observations of performance - for many moons, the performance hit of swapping was bad enough that it was never worth it to run two jobs concurrently that didn't both fit into ram together. The exceptions weren't even exceptions. Disk thrashing was a serious impediment and way to slow your whole fleet down.
Now with fast flash being so common, swap is probably actually a good thing for many workloads again, but only "many", and SREs would prefer you make that explicit by using memory mapped files for data that's of random utility, so that the OS can manage that pressure for you, understanding that those files don't need to be fully resident.
[1] This is an oversimplification that I don't remember the real truth of off the top of my head