I do think people underestimate the risk of such batteries.
Such, the PROBABILITY of such an accident is incredibly low, almost immeasurable if they are properly maintained.
But the IMPACT of such a thing can be incredibly dangerous, more so than people think because they are so used to them "just working".
The energy density, however, is very high... a small box can power lots of heavy servers for quite a while, considering. People really underestimate the power these things hold. In the normal course of things, if all safety measures are working, they are pretty benign. But if that energy is released all at once, plus the chemicals in use, etc. then they can be bombs.
My dad tells a story from pre-H&S days, when he worked in a huge warehouse maintaining goods lorries. One day, they had a fork lift that was being retired on a site they were demolishing the next week anyway. They decided to have some fun with batteries... everything from shorting out a lorry battery with a spanner, to the same on the forklift battery (which was just multiple of the same in parallel).
Generally speaking, the spanner turned red-hot, then white-hot and then shattered explosively into two from the lorry battery, observed from the comfort of a makeshift bunker, which is scary enough. So they moved on to the forklift. Apparently, the resulting explosion (conducted via a large metal spanner and a long piece of rope) completely obliterated the fork-lift, nearly deafened them, and sprayed battery acid on all four walls and the ceiling of a huge empty truck warehouse. It took them two days to wash it down, and they kept finding parts of the fork-lift in odd places, and lodged in the walls.
Sure, that's the EXTREME end, but that's just ordinary lead acid batteries in tandem. The lorry battery thing is scary enough, that it can melt/bend/explode a fitter's spanner in seconds. That kind of power discharging into, say, water, metal shelving, etc. is a scary thought.
I've always been wary of large batteries because of such stories, I've never had trouble myself but I don't want to have. The nearest I got was a Macbook with a battery that bulged so much that it destroyed the casing and kept visibly expanding once released. We dropped it into an empty wheelie bin a long way from anything and it ended up going to the skip months later when it had stabilised and calcified and leaked all over the inside of the bin (it was suggested to pour water on it, but that was hastily rebutted, being lithium).
Especially UPS batteries - the APC one I have had a large battery tray that one man can barely lift and - taking it apart to look at the individual battery modules (which is just a bunch of RPC6's wired together to give 48V and more capacity), there is no fuse on the battery itself. The fuse is in the cable on the UPS side that it connects to, not the battery. So when changing those things out, it's quite possible that you could drop something into the casing (e.g. a screwdriver) and short that battery out with no safeties.
Anything with energy density like that is a dangerous thing. I've seen 9v NiMH batteries explode when charging and cover a primary school classroom in acid (fortunately, no children in the room at that point). I've shorted out NiCd AA batteries using a basic science kit (intended for alkaline) as a kid and literally set the battery casing and wires on fire in seconds. Sure, you have to do something stupid, but it's relatively easy to do something stupid by accident. And then you're into "fire hazard" as a minimum and, with large lead-acids, potential bangs that can fire metal shards around a room.