These devices exist, and are quite common in some countries. The number of situations where you need to suddenly accelerate past the speed limit are few and far between, but in the case of the car I rented recently, there was a single tactile button for turning the whole feature off.
I'm pretty sure that the Volvo XC70 I rented two years ago had exactly this feature. If you'd kickdown it will release all the furious anger hidden beneath the hood.
Every automatic does this, even a 1980's classic Mini has a kickdown cable. It basically forces the gearbox to shift down to one gear lower than it would normally do at the speed you are traveling at.
Edit: Good points about the emergency cutoff being feasible, I stand corrected.