Push notifications and email alerts make lots of noise when the product is not in use, unlike MacBooks. It's pretty convenient to have the option to silence them with the flip of a switch without having to turn on the iPad.
Since most iPad users utilize cases, it's pretty much the same three steps to mute as it is now to lock orientation. Given that mute make sense for a physical switch because it's a function relevant to an off iPad, it wins out.
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