Two issues with fluid failure...the hygroscopic story isn't as prevalent as it once was, but the fluid does pull moisture from the air everywhere there's a gasket (the master cylinder cap), breather (master cylinder cap) and any rubber in the system (flex lines, drum cylinders, disc piston 'o' rings). That water will migrate to the lowest point in the brake system...the calipers. Enough water and metal pistons will corrode and become a liability. One benefit to phenolic pistons.
The real issue with ignoring today's fluids is the acid that builds as the fluid deteriorates from moisture, heat and just plain old age. Brake fluid itself doesn’t corrode but when the additive package, which is part of the brake fluid, is depleted or breaks down, the brake fluid no longer has adequate anticorrosive inhibitors so corrosion of internal brake hydraulic components may occur. These additives are relatively new to braking systems in the past 25 years and get new components added to the recipe every year as internal parts to braking systems change technology. I know, hard to believe, but everything on every motor vehicle is going to deteriorate and require either maintenance to slow down the deterioration caused to other parts, or repair because the maintenance was ignored.
The key measure of the fluid's state is the dissolved copper in it. When that gets high enough, then the fluid is eating your brake lines, your master cylinder internals, your abs pump guts, etc. I see folks everyday who want to know why they have a crapped out caliper or master cylinder. They don't understand why they could fail, they think the only parts of a car or truck that need maintenance are the engine oil and flat tires..... Even power steering fluid gets old and ruins pumps and racks....another story.
Oh, and before someone decides that they have steel brake lines and therefore no copper can dissolve into their brake fluid and this is all mumbo jumbo talk.....each brake line starts out as a flat piece of steel...it's then rolled....and then seam sealed internally with a copper braze to create a seamless, hollow line that is able to stress without bursting due to the 2000 PSI generated in today's disc brake systems. Dissolve enough of that seam sealing copper and you can get a burst line when you hammer the brake pedal in an emergency stop. Not a lot of stopping once that happens.