An instant pot could explode if the pressure didn't get released either automatically or manually.
As long as you release the pressure on the instant pot or you use the natural release on the instant pot to release the pressure you should have no issues with the instant pot exploding.
So far I've never heard of an instant pot exploding but It could if it's not used correctly.
To prevent the possibility of the instant pot exploding from too much pressure or in case I forget to release the pressure from the instant pot I always use the natural release on my instant pot.
On an instant pot when you set the natural release it allows the pressure to slowly release from the instant pot when the food is done cooking.
After you set the natural release you do not have to do anything to release the pressure as the pressure will slowly be released from the instant pot and then the instant pot will automatically turn to the warm setting.
So when the pressure releases from the instant pot you can then safely open up the instant pot lid and remove your food when you're ready.
If the pressure is not released then the instant pot lid won't unlock but after you release the pressure the instant pot lid unlocks and you can open it.