Although I guess if it's not a safety thing, the cost of the extra design might be more than I'd expect to save on my electric bill from the once a year or less I leave it on overnight by mistake.
Really? I have a hard time imagining how heating elements in a steel box is going to burn your house down.
I've also had an electric oven where the element was damaged and started melting/deforming. Not sure how far this would have gone if left alone.
You’re pre-heating your oven, so it’s empty. There are no realistic circumstances where an empty oven could burn your house down simply by being on at a preset temperature.
This is a big assumption. A lot of people, myself included, store pots and pans in the oven when it's not in use. I frequently forget to remove them before preheating.
In my case the pan that I keep in there is made of cast iron, so there really isn't anything that can go wrong. But I would bet good money that there are people out there who keep wooden handled pots and pans in the oven. Is it a bad idea? Absolutely. But it's a realistic scenario.
My microwave beeps for a solid 10 seconds every minute after a run. In this condition, it is perfectly safe no matter what.
My oven beeps exactly 1 time when preheated, similar to how FedEx and UPS notify upon package delivery. In this condition, it could burn my house down if left unattended. There are no subsequent beeps.