MOVs absolutely have a finite life. It's in the datasheets and the prime reason they glue thermal fuses to them in the first place. When they fail, they short and catch on fire.
Fancy commercial surge arrestors are potted to avoid the smoke cloud, and even offer alarm contacts to let you know when they failed. The "is working" LED on consumer powe strips is essentialy the same concept.
A big problem isn't the number of joules making it to and outlet, but how stuff is connected in your home. For example, your cable box may have a earth better ground than your outlets if they're poorly wired or just old. You get the surge or nearyby ligtning strike and now your computer blows up. Might be from the huge swing across your devices, even though each would have survived the event if they were not connected.
There have been other fun posts here about massive destruction at the telco wiring at buildings when there's an electrical issue. Two systems at different potentials, even for brief periods of time can cause huge problems.
There's plenty of videos of people drawing sparks off the service panel ground cables to water pipes or ground rods, and that's not during a lightning storm, and that's just a few volts.