I think this would be a little different than branch circuit or a feeder.
If branch circuits or feeders were run in the same raceway and for some reason made contact with the ungrounded service conductor, the neutral of the branch circuit or feeder would be subject to very high current, and almost immediately burn up, if these conductors ran into the house where they could ignite something there would be a fire.
In a service panel they would be at their source point, meaning that if the same thing happened the only part of the conductor that would burn would be contained within the panel between the service conductor and neutral bar.
At least thats the way I see it.