Seemingly safer than dumbbells, but apparently not as safe as you'd think. I understand the rationale behind something like this - no weight plates or dumbbells to trip over or fall on your toes/head. The danger comes from when the user tries too hard and gets pulled by the bungee cord instead of pulling it. Something similar can happen with free weights, but the bungee cord effect, where resistance increases rather than stays constant throughout the full range of motion, might be harder to control. Seems to me he'd have been better off with a weight machine. They're certainly way cheaper than the Theraband.
Reid seems to be bright, but stupid. Its possible he secured that metal plate directly to drywall with screws. Then, after repeated use, the drywall lost its grip on the screws and upon a load, the metal plate launched from the wall and propelled into Dingys moronic face.