The only thing that comes to mind is flamespread and smoke development (
ASTM E84) requirements as required by bldg. & life safety codes for interior finish classifications. That would be a Chapter 9 issue in a bldg. code.
I've never heard of anyone being called on it during inspection or otherwise. If you did an entire wall for all the trades maybe someone would question it. If you just do the footprint of the panel, or the footprint plus some added room for a receptacle or two, I can't see anyone saying anything.
And if you're in a mechanical equipment room that's much different than being in an egress corridor in a venue of public assembly.
I'm curious - did anyone ever tell you it's required because it's wood building materials in contact with concrete? As others have posted, PT will put that to rest real quick.