Most likely OC had nothing to respond to.
This is somewhat unimportant as far as complexity level versus functionality, but what's happening is: the equivalent circuit is the SMPS output capacitors (a few 1000 uF?), starting with some initial voltage (36V), switched into wiring inductance (maybe 0.1-2uH? depends on length), into regulator input capacitance (a few uF?).
Such a circuit has an RLC transient response of overshoot and ringdown, before eventually stabilizing at the supply voltage.
This is exacerbated by the ceramic capacitor having less C as its voltage goes up, and having fairly low loss so that the ringing proceeds more or less in full.
The loss of an electrolytic absorbs the ringing energy instead, or a TVS clamps the overshoot.
This is easily enough simulated in a tool like LTspice, though if you just want stuff to stick together, it doesn't matter, get a new reg, appropriate ratings, protection.
Tim