In my experience, anything mechanical will become faulty at some point. Particularly silver coated switch contacts. I have probably spent more time replacing and/or cleaning damaged/oxidized switches and bad capacitors than bad ICs. I recently repaired 4 different Agilent E36xx series PSUs (approx. 2008-2011 MFD) that had faulty "gold plated" switches made by C&K (on the back side for slave/master operation and remote voltage/current programming). Ended up just putting wire jumpers in place of the switches since they were so damn expensive to replace (replacement switches would have costed more than I paid for the PSUs).
Slide switches are pretty easy to mangle from excessive force and most are not sealed well (if at all), allowing atmospheric gases to easily reach the contacts and induce oxidation. Many, HP/Agilent PSUs use these.
Rocker switches can seize (contacts weld together) in AC mains switching (the contacts generally fail before the rocker action does).
Toggle switches are fairly robust, but are easy to hit and damage accidentally.
Rotary switches are robust mechanically, but oxidize the easiest and are a pain to clean.
Large push button switches are quite fragile (especially locking types). I mostly see the plastic stems break off or the push mechanism seizing from either dust/contaminates or mechanical wear of the track.
Since most analog PSUs (especially from HP/Agilent) have at least one or more of the above switches... I'd vote analog adj. DC PSUs as the most likely to fail TE.