It's technically an exploit. Provided they had thought of it at the time, WotC would likely have narrowed Wild Shape down to roughly similar dimensions to prevent such things and made "slithering form" its own utility power. It's not a huge deal in 99% of campaigns, but it WILL give you an unintended option that could have consequences in adventures not written with snaky druids in mind.
Considering they DID mention reptiles, rage drakes, crocodiles, owlbears & bulettes specifically, as well as fey creatures, I'd say they thought about a wide variety of body shapes. And its not like snakes are an obscure critter...not even the large ones.
IMHO, not an exploit.
If you're really scared of players using wild shape to turn into snakes ("Why did it have to be snakes?"), a simple, common sense rule could be used without bending over backwards: the Druid has to be familiar with that kind of animal.
That way, you won't have Druids from desert nomad cultures adopting the shape of an octopus; a Druid from a northern-European type area won't be turning into a large snake, etc.
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