set -e did check a status. It was not the status that failed.
The common read: set -euo pipefail stops a script at the first failing command, so a grep that matches nothing aborts the run before anything deploys.
set -e did not miss anything. It inspected an exit status at the moment the manual says it does, and the status it inspected belonged to local, whose documented return is zero unless the name is invalid or the builtin was called outside a function, so the shell saw a success and moved to the next line. The rule fired. Nothing had failed as far as it could tell.
The retro named the config file. The action item was a schema check on release.conf, which is worth owning and would not have changed one character of what happened: the file was correct, the read was correct, and the only broken thing was an exit status nobody printed. Six weeks later the same line shipped a second empty channel.
Reciting the rule is a claim about a rule. The rule is about a place: which command's status the shell inspects, and when. Reading the script tells you set -euo pipefail is present and that whoever wrote it meant it. It does not tell you which of the statuses produced on that one line the shell decided to look at, and re-reading does not resolve it, because the answer is not in the text.
