Reinventing the mousetrap? No. Auto-inflatables are a different style of PFD for those who don't like the "traditional" vest. OBTW: Mousetraps were "reinvented," thankfully. On my rural acreage, traditional mousetraps failed more than 50% of the time. A more modern style works for me well over 95% of the time, but I digress.
Can auto-inflatables fail? Yes. It's rare, but yes. Like any mechanical device, it can fail.
Are traditional PFDs flawless? IMHO, no. If they were flawless, so many of them wouldn't be used as seat cushions or draped over the backs of boat seats everywhere. In these instances, that "flawless" PFD won't do anything for the owner who hits the water and sinks "like a rock."
I'm glad I have my auto-inflatable. I'm glad you like your traditional PFD.
I've been fond of saying there that the three most useless things to a fisherman are: 1. The license he didn't buy; 2. The gear he left behind at the dock; and 3. The rod he just dropped over the side of the boat. To that list, I think I'd add: 4. The PFD he's not wearing.
Fishermen/boaters make their own decisions regarding PFDs. They're still free to do that, at least in most states.