My understanding of the term 'bikepacking' is loading stuff onto a bike without panniers and rack.
Doesn't matter if it's for touring or racing it's just a personal luggage choice dictated by rider's requirements.
Try racing the Tour Divide with panniers. I could race TABR with panniers but it'd be silly. I could tour with bikepacking kit, which is less silly, especially if it's the ride that's the interesting bit but yeah if you are doing the stopping to smell the flowers thing, panniers probably make more sense. I got rid of my panniers though. I still have a rack if anyone wants it?