While tank explosion is a serious thing, the vast majority of the time the probability is vastly overblown and not appropriately characterized. Tank rupture provide plenty of warning if anyone is paying attention.
The ruptures you hear about are the worst of the worst-- tanks that have gone years without drainage, tanks that have been abused as well as neglected. It's practically an achievement the Negligence Hall of Shame to have successfully pushed a tank to the point of rupture. The tanks themselves are generally cheap small units in humid locations and are almost never drained and certainly never inspected.
Tanks crack before they explode. Every rupture starts first at a crack that was initiated primarily by pressure cycling the tank. Pressure fatigue is a real thing-- as the tank goes up and down in pressure, it will generate fatigue cycles once the material has been compromised enough to locally yield.
A tank failure is therefore a slow-then-fast classic kind of failure. It starts with rust and corrosion degrading the strength enough to allow some fatigue cycles to initiate. Then a crack starts. The crack propagates. And then you take it up to high pressure and that crack propagates very violently and lets all the air out.
One reason ASME coded tanks with 200psi WP are so much better is because they have to pass rigorous metallurgical inspection, ND testing of the welding, and a 1.3x hydrostatic proof test. So my 200psi WP tank, for example, was proofed at 260psi. That's pretty good margin for a 175psi compressor, and gobs of margin for a 135/150psi compressor.
This is one reason why you almost never hear of ASME coded tanks on vertical compressors failing. Not to say it never happens, just that in almost every case, when the full facts are known, the inevitable conclusion is "Well, of course it was on borrowed time."