Lucky.

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Why do exam candidates wish each other ‘good luck’, and not some other words?

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It makes the whole wish seems to hinge on the random probability of fortune and chance, thereby terminally resigning your fate to the unexplained cosmic realm and dismissing altogether the hard work and preparation that goes behind the curtain for the actual examinations.

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It's like a chance meeting with this rarity of a molecule called luck, and everybody's dying to have loads of them diffused into their body tissues and feeling rejuvenated with that new aura.

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In this case, it is generally assumed that everyone wants (and probably needs) this thing called luck as that one intangible constituent to increase the probability of doing well for the exams, which, debatably, is a rhetorical point in itself, because when you studied so damn hard for the paper, I’m sure you wouldn't want to boil it all down to luck for the day.

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Unless, of course, by some mysterious imbecilic situation, you just suddenly found out you have a paper the next day, and it's like 11 pm already today, and you realised you gonna need ALL the good luck in the universe you can buy with your parents' platinum card.
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You know what they say about success; it's all about preparation meeting opportunity. That opportunity alone could be loosely referred to as that luck factor, which is all about the cosmic probability of getting straight As even if you don’t study enough, simply because lady luck comes your way.
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How about saying something else to negate the effect of random chances? How about saying ‘inevitable success!!!’ from now on?
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Ok ok it does sound dorky. Imagine hearing every other girl hollering ‘inevitable success!!!’ to one another like it's a normal thing to do moments before the paper. Sounds like they’ve been possessed by the Hillbilly djinn or something like that.
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The surest way to effect the tone of conveying solace in the anticipation of exams would be to let go of every embellished notion and surrender your fate to the higher astral permutations perceived by the greater cosmos.
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That said, I believe people should start wishing one another ‘May The Force be with you’ from now on because it is (a) universal, (b) unbiased of the element of Luck, and (c) perhaps most impactful and resonating.

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Plus, (d) it does sound way cooler than just 'good luck'.