That's not a myth or mere FUD, it has happened lots. It made the paper in Seattle, front page I think, one time quite some years ago. A rider had both brake pads shoot out and died from having no brakes when she needed them.

The brake I showed the pic of is a rear, and those holders are facing the correct way.

Many if not all makers eventually went to styles that didn't have that potential flaw, but I still like the old style because I find them easy to replace the rubber, and I know how to install them correctly. The kind just like those old Weinmanns, except the sheetmetal is folded up on all four sides, are a bit annoying to replace the rubber on. Weinmann started selling retail-carded replacement shoes (rubber plus metal holder and nut/bolt), then Matthauser and them everyone, which bugs me. Why throw away the metal parts just 'cuz the rubber wears down? I know it's a small thing, and I understand why they did it, but it's not for me. And you kids get off my lawn!

Mark B