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Yes , exit program can be implemented for almost all the services running on IBM i. But the idea here is to restrict this powerful command to run from normal interactive session. Similar to end all subsystem command it should also be restricted to the console usage only. System administrators normally login to console sessions when doing maintenance and restarting the partitions so what's the point of granting access to shutdown/restart command from the server under normal session.
https://www.ibm.com/docs/api/v1/content/ssw_ibm_i_76/apis/xpwrdwn.htm