If it's applied properly, Regen in theory should be able to stop the car just as fast as regular brakes, they can dyna brake that motor into rotor lock if they want to, but of course ABS would not let that happen. yes it would save a lot of wear and tear on the brakes, and maybe use them only for as said, when there is nowhere to put the regenerated power, or in an absolute standing on the brake pedal emergency stop.
I like the regen on the throttle on a bike, that is the best place IMO so you can control how little or how much with just a slight twist of the throttle, and not have to play with the brakes too. Because think about it, if you are letting the throttle completely off, you are getting ready to stop right? So why not have the throttle give you a variable input to the braking.
Another point, when you apply the brakes on a car, they ALL engage ALL the time, on a motorcycle, YOU decide which one you want to apply, rear, front, or both, so the logic that drives a cars brakes won't necessarily work on a bike, hence putting it on the brake pedal, ok WHICH brake pedal?
Less inputs to have to juggle.
Aaron