And I doubt that you will hear of one caused by rust through. Failure of a pressure relief valve along with simultaneous failure of a pressure shut off valve could cause overpressurization to the point of catastrophic failure in a tank in good condition. Rust through will weaken a tank wall to the point that pinhole leaks will develop at the weakest points. Those pinholes could grow due to the escaping airflow, but in doing so, would act as a pressure relief valve reducing the tank pressure. Catastrophic, shrapnel producing tank failure due to rust through is a very low probability occurrence.
My opinion, unsupported by any indepth analysis, is that being brained by a meteorite is about as likely as being injured by a rust through failure of a shop compressor tank.
And no, I'm not saying rust through failures don't occur and people have been hit by meteorites. I'm sure someone's second cousin thrice removed has a neighbor who knew someone who'd heard of about a pressure tank exploding due to rust through..