There is -fwrapv and -ftrapv. If you think one of those should be the default, no doubt there are some other optimization tweaks (-fno-strict-aliasing?) that you also like; so I encourage you to work on an -Oanton switch in either a wrapper for gcc or gcc itself, for the sake of sharing.
I am pretty happy with -O2 for my own needs, since it generates fast code for loops, but I understand that different situations may involve different requirements and would be happy to live in a world with more people helping make the gcc UI more intuitive.