Curious: Why is there no binding for replace-string "out of the box"?

[T.V Raman]

As someone who has now used emacs for approx 35 years, I've always
assumed that M-r was bound to replace-string -- that's a binding I've
always had:-) I just realized that out-of-the-box, emacs -q binds
replace-regex to M-% but does not  bind replace-string. So just curious:

1. Is the above an oversight or intentional?
2.  Should we perhaps pick a binding for replace-string -- note: I dont
    care what we pick, but not having a key for it feels strange.
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