SCUBA tanks have a "burst-disk" or a weaker part of the tank that is designed to fail first, rather than the whole thing exploding and launching shrapnel. It's still violent and can throw some shrapnel, but it's much less. Also when SCUBA shops fill tanks they usually put them into a container that would somewhat contain that.

I imagine something similar could be done. It's not like there are zero safety mechanisms with compressed air.