Yes, that's the argument that dissenters always produce. It's theoretically not impossible, but can you really say that it is "likely"? How many times have you seen, or heard, of it happening?.... the element would burn out and a loose end could drop on to a lower part of the element thus putting a somewhat shorter length of element across the mains. Overload.
Some types of loads must have been in the minds of the authors of BS7671 when they went to the trouble of writing a regulation which specifically (and only) relates to loads "not likely" to result in an overload current in the cable supplying them. What sort of loads do you think they had in mind??
Kind Regards, John