In UL 3010, 60V is the safe limit for dry conditions and 30V for wet.
48V battery systems can potentially charge up to 60V, which is common in consumer-grade backup and off-grid power systems.
In the off-road heavy equipment industry, where I work, 48V is a thing but is generally not used because it requires special, expensive switching components.
The 50V threshold from OSHA is an older arbitrary limit, which is just a nice round cut-off, but it limits the use of 48V that could peak upwards of 60V.
It's all arbitrary. The actual safety threshold depends on many factors. Arcing, as you mentioned, is a big reason why 48V is harder to work with and why it's so damaging to relays.
However, if you take proper precautions, 48V does not pose a significantly greater safety risk than 24V, which is very common for trucks and industrial equipment.
The don't change what works philosophy in the automotive industry has definitely contributed to the longevity of 12V. Still, the increased cost of mechanical relays required to use 48V has been a huge roadblock to anyone even experimenting with it in production.
24V came about because things like hydraulic power packs, winch motors, etc., need more power, and bigger wires can end up costing more than beefier relays needed for 24V.
But as more car components, such as power steering, brake booster pumps, and even AC compressors, become electrified, 48V becomes more tempting.
48V allows those components (motor mainly) to function more efficiently with smaller wires.
I have actually been working on a project that requires a dual 24V/48V system and navigating some of the safety issues around it.