It depends on the storage medium. SD cards will fail if you use them enough. Photographers and videographers will run into to problem every once in a while, especially if they’re a professional. Why SD cards in particular have a tendency to fail, I can’t exactly say. It might just be their form factor making internal physical damage more likely. I say internal, because the issue is that a normal looking SD card will one day turn up corrupted for no obvious reason.
I haven’t heard of any other type of flash memory having lifespan issues for regular consumers.
Yeah it’s at the level of frequency where an ordinary user with one SD card is unlikely to have a problem, but if photography is your hobby it’s only a matter of time. In a rather informal poll conducted by Chelsea and Tony Northrup, they basically found that two thirds of the most active photographers had experienced at least one SD card failure. It basically was just a direct correlation with how many photographs you’ve taken.