True the numbers are not spelled out exactly. It does say the industry claims that more than 99 percent of checked bags arrive with their owners, and most late bags turn up within two days. But when it happens to you, you don't really care what tiny percentage you are. And two days is a long time when you're in a foreign country washing your single pair of underwear in the hotel sink each night.
Oh, I 100% agree with you, having been in a similar situation. It only happens once, then you learn to carry an extra set of clothes in your carry-on (when travelling internationally).
My point is just that 1% is a pretty reasonable margin of error. If I worked on a team with 1% or less of errors over a life of a project, I'd be ecstatic. But, reality prevails. Email/Gmail, websites, cell networks, car accidents with hours of waiting, etc. all happen. Usually, only a small number are affected (or for a small duration).