Guess I'm just pathologically candy ass, always squat inside a power rack with the horizontal safety pins set just below where I wanna go. If I fail, it's about a 2-3 inch fail, bar winds up on the pins, I wind up in a bodyweight-only deeper squat than I'd planned, 2-3 inches lower maybe, but not pancaked. The potential for some injury is still there, knees, lower back probably, but some limits have been set.
Most racks are stronger and have faster reaction times than any human spotters when properly set, don't understand why they are not used more. Works the same for benches too.