In addition to concerns about cheating, I think there are more mundane practical concerns:
- Correction fluid can create a mess, including melting/sticking pages together/getting ripped off.
(I think correction tape may suffer from similar problems but to a lesser extent.)
On Cambridge International exams (example), the instructions contain this line: Do not use staples, paper clips, glue or correction fluid.
Putting correction fluid together with staples, paper clips, and glue strongly suggests the concern is less about cheating and more about the above practical concern.
- Pens are often clearer than pencils
Also from the Cambridge International exam instructions: Write in dark blue or black pen.
We know markers use red pens. But the above also specifically prohibits pens of any other colors (e.g. light blue/pink/purple/green), suggesting there is a desire for exam-takers' writing to be clearly legible.
Also, nowadays, exam scripts are sometimes scanned (where again any writing in pencil might be less clear than writing in dark blue/black pens).
- Some teachers/schools/academic systems treat any writing in pencil as the student's own rough work for herself that will be ignored and won't be marked