It's because it can be used to save you if you do panic. I don't hear anyone calling it fist of panic when I jump on an entire team from halfway across a map and earn a "cry havok" medal.
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See, that's how badasses play. Cravens use their Fist of Panic on one guy. They say "panic" because it's just a panic button. "Oh no! I'm going to die from one guy! *ground smash* "