Who knows; you'd have to disassemble the device to see where or how it was damaged.
Most likely sites are the power transistor (overheating or overvoltage, fail shorted), and something in the control circuit (over or reverse voltage to GND, who knows; most likely low output voltage?). Or I'm not sure what happens under reverse voltage (Vout > Vin), maybe that blows up the pull-up transistor (which drives the output Darlington).
And yeah, parts can fail due to age, storage, contamination/corrosion, etc. More likely with early parts before they had encapsulation formulas pinned down. I wouldn't think a 90s JRC part is a very likely culprit here; I mean like 60s and 70s.
Tim