Yup, corrosion/rust will make small leaks first 99% of the time. Even if a big area somehow all rusted through at the same exact rate, it would let out a big puff of air and be done. The only way I can think of an air compressor exploding like a grenade is if the pressure switch failed so it kept running indefinitely. Even then, there will be a point that the motor can’t overcome the back pressure from the tank.