Please see your very own link. The fourth sentence of the introduction, when juxtaposition is mentioned (in passing), gives a citation that describes some history and includes many of the arguments mentioned in this thread.
A more general response, though, is that that Wiki page does not address all operations that exist, and it doesn’t treat juxtaposition in particular. It’s true that juxtaposition implies “multiplication” (usually), but multiplication isn’t the thing that gets a precedence – the symbol for multiplication does. And, juxtaposition itself (as a notation) carries different, and sometimes ambiguous, precedence rules, which is why you don’t find 1/xy written in formal settings.
Again: that page (and everyone’s PEDMAS 6th-grade math class) is assuming a very narrow space of possible operations. Juxtaposition, factorials, vector products, derivatives, integrals, differentials (“dx”), … all fall outside the scope. Juxtaposition in particular is ambiguous in certain circumstances because of how math is actually written (with pen and paper) and the limitations of transferring that written math into typed text. My next post will hopefully illuminate that, but in the meantime, please check out the reference in your link.