Some of the bottom drains we have seen on the market over the past ten years have been less than appropriate to say the least. Bottom drain technology in the water garden & koi pond industry has improved exponentially over the last 3 to 5 years. Many of the manufactured bottom drains over the years I would not touch with a ten foot pole. There are several quality bottom drains available on the market today that I would recommend without reservation.
Silicone is recommended by many manufacturers as the sealant on the bottom drain connection. Silicone certainly has a life expectancy so yes it could be an issue within 7 to 10 years. That is why we use a specific polyurethane sealant on all of our bottom drain connections. The sealant we use has a longer life span and remains flexible allowing for slight expansion and contraction during seasonal changes without issues.
Many bottom drain instructions don't bother to suggest a ring of concrete around the bottom drain during installation to create a stable base. In fact, I have yet to see a set of instructions from a manufacturer that suggest encasing the bottom drain in concrete, period. Encasing the bottom drain in concrete below the liner helps to keep the connection stable over the years.
If (or when) you have an issue with a bottom drain that is correctly installed in liner, a repair is really not the end of the world. Should the connection at the bottom drain leak on a liner installation, the pond would not drain completely over night. Believe it or not, a bottom drain leak it is a much slower process than you would think. The fear of loosing all your fish over night is a bit overkill. You would experience slight water loss in the early stages that should be detectable during routine maintenance.
Regarding all liner seals in general: We have seen skimmer face plates and waterfall face plates fail over the years for a variety of reasons like Aluminum screws rusting out, invasive roots pushing against the seal, liner installed without any slack and such. As stated above, the water loss is noticeable during routine maintenance and is relatively easy to repair. The repair would not be much different with a bottom drain other than making preparations for housing your fish during the repair. The flip side of that is; it is suggested that most pond owners without bottom drains, need to drain their ponds annually (removing the fish) for spring cleaning. That's an annual draining of the pond and handling of the fish anyway.

A double edged sword. Pick your poison.
Many would say, "The maintenance benefits of a bottom drain far out weight the inconvenience of a possible need for repair, a decade away."
The Pond Digger