There is a good chance the power supply was ready to go anyway. The electric components do not last forever.
Well compressed air can sometimes cause some moisture like sweating to appear. However, it can also move some of dust around or push dust into certain places. Often over time dust accumulates inside the power supply clinging to the air vents and if you blow compressed air on it, the dust can be pushed onto the cooling fins inside the power supply. Dust is very combustible. Just a little heat and spark then poof. This is one reason when when you do a new build it is a good idea to use a new power supply. Also the hotter a power supply gets often the more a power supply fan runs and the more dust it pulls in.