For the same reason that there's no axiom reading $\exists x(x=e)$.
It is part of the concept of a "first-order language" (or rather, in the concept of an interpretation of the language, aka a structure over the language) that every function symbol must denote a total function whose values lie in the domain of the interpretation, and every constant symbol must denote a particular value in the domain of the interpretation.
Thus as soon as you have specified that $\cdot$ is a binary function in your language, it it implicit that the value of $x\cdot y$ always exists and always is in the carrier set of your group. It is not necessary to state this implicit fact again as an axiom formula.
Indeed, once you have a proof system for first-order logic, it should be able to prove $\forall x\forall y \exists z(f(x,y)=z)$ as a matter of logic, without appealing to any theory-specific axioms.
It is right that it is commonly stated as an explicit group axiom in introductory algebra texts that the product of two group elements must itself be an element of the group. That's necessary because those texts cannot assume that we're building upon a formalized logic that would allow this fact to be implicit.