Surface Mount Multi-Layer Ceramic Capacitors (MLCC) primarily fail in the cracking regime.
That is the ultimate failure mode of a capacitor is with a body crack.
MLCC are made of very fine intermeshing metalic layers embedded in a ceramic substrate
A large portion of these failures result in short circuits (low impedance path) through the part. The severity of this outcome in a decoupling situation cannot be understated . The ceramic can take a lot of power and I have seen even 0402 shorts take out entire PCBs sustaining multiple amps through them.
Occasionally the component fails in such way that a short is not produced and simply the capacitance is dramatically reduced. This is not the usual failure mode and is largely a matter of luck and failure trigger (sudden crack will fail open more often than a gradually propogating crack )
The variables that contribute to component failure have dozens of possible sources, vibration, electrical stress (ripple) , dielectric type , temperature, PCB placement, reflow temperature, depaneling process component size (plate density)... . Component quality also plays a role because substrate voids and hot spots can concentrate stresses.
In principle the component should last a very long time in a stress minimized environment with good PCB and electrical design, and high quality MFG.
NP0/C0G parts are particularly suitable for reclaiming due to their much better dielectric (no piezo effect) and temperature (no cap change) characteristic.
Ripple and overvoltage are issues, but MLCC are typically rated for nearly 100% overvoltage and significant ripple. The concerns there are largely mechanical due to piezo effect.
Failure of one capacitor in a decoupling bank may further degrade others and cause cascade failures.