The LEDs themselves are incredibly reliable provided that you don't abuse them. I find dipping the old dim ones in LN2 to demonstrate the improvement in efficiency with a cooled more rigid crystal lattice tends to do for them after a while, but indicator LEDs I installed when they were new and novel in the mid 70's are still going strong. Unlike the old low voltage indicator bulbs they are almost indestructible.
MTBF of bare LEDs driven properly is very long.
The electronics in consumer LED lights is by far the weakest component. I have seen just one lamp failure due to a single defective LED in a long chain going down the others were due to cooked PSU capacitors. I look at all the failed ones (three so far) to see how they failed.