No reason Panda can’t be compiled for ARM, just like any other C++ program. We already compile for i386 and ppc, and we used to compile for SGI’s MIPSPro chipset as well.
I think the line you’re thinking of is from paragraph 3.3.2:
At first blush, this appears to preclude the use of all interpreted languages. But the key word there is “downloaded.” The point is not to exclude the use of an interpreted language within an application, but to exclude the production of an application that can be used to download and run new code that was not part of the original application. That is, Apple doesn’t allow applications that run other applications, presumably because that interferes with Apple’s ability to charge fees on a per-application basis.
I don’t think there’s anything in that sentence that precludes a self-contained application from running an interpreter on itself. (And indeed, it would be difficult to define such a behavior precisely anyway.)