It's one less press 9/10 for anyone that uses there favourites as favourites. If it wasn't this way pre iOS 7 then u had to open your new tab tap bookmarks then tap the page.
Because apple has given default favorites ... Go in bookmarks, and go on favorites and delete the defaults ... And if have saved ur own favorites.. U might want to know this ... They have merged favorites options with the blank tab so every time u want to open a new page, u can access it from the new tab ...
Check it in settings>> safari>> favorites,..
If u want to check properly, make a new folder in ur favorites option in Safari and then go in settings and check