Talked with a buddy tonight and it turns out the story I heard was actually of his.... he has a skiff and hit a good wake and when the boat jarred the belt "broke" (or came loose???) within the head and the motor deployed while he was riding around 30 mph. MinnKota took care of it under warranty and even shipped a unit to a local dealer who had one in stock so that he could get back to his fishing trip (was down in FL for vacation) and MK backfilled the dealers inventory.
He was using a RAM trolling motor stablizier - not sure if he had the pipe clamp type or was using some other attachment to secure the shaft - but apparently it yanked that loose when it "deployed". Must've been a good bump. He's now changed to the new screw clamp attachment from RAM
Makes me a little worried about the robustness of the belt clamp within the head - I'll be picking up a stabilizer as well very soon.