Because regen is on the rear hub motor.
The braking force on the bicycle is much greater at the front than rear.
It can be 90% / 10% or maybe 70% / 30%, whatever the situation, there's no secret about it and that's why bicycles (or motorcycles for that matter) have much greater brakes.
So let's say you're in the situation where you want to stop immediately, and you need to apply something like 90% force at front. Now, the rest of 10% is rear. It doesn't matter that 10% comes from 5% rear pad and 5% regen, or 2% rear pad and 8% regen, it is still 10% rear and 90% front.
Let's say you're coasting downhill and applying both brakes to slow down, maybe 60% front and 40% rear, it doesn't matter if it's 10% regen and 30% rear pad, or 35% regen and 5% pad, it makes no difference.
So yea, in any scenario, it will conserve the rear pad, but not front.