A value not being found in a string is IMO not an error situation - it is a perfectly valid result. You do not see the text search functions in .NET throwing exceptions because the text you search for is not found in the text, you search in.
Returning an error value makes functions depending on the search result more complicated than they need to. For example to use Search in a function that will return the number value from a one column in a specific text if a text value is found in another column, I now have to use this formula:
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=IF(ISERROR(SEARCH("MyText";F3));0;H3)
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=IF(SEARCH("MyText";F3)>0;H3;0)