Even if the NAND physically wears out, the SSD should still be detected by the system and the data should be readable (the data has not gone anywhere, you just can't write to the drive anymore because all user accessible blocks have been retired).
That is not necessarily true. It has been claimed for quite a while (I think the first place I saw this claim was from Anand in an SSD article), but actual tests have shown otherwise.
If you read through the long thread on XtremeSystems, you will see that several of the SSDs that fail from worn out flash cannot be read or often even recognized by the BIOS.
The problem is that eventually, the unpowered data retention time of the flash chips gets very short (less than a day) and if you power off the SSD and then try to power it on and read it, it will fail to even be detected by the computer.
I don't know for sure, but I think the reason is that the LBA index (aka flash translation layer = FTL) needs to be read from flash in order for the SSD to initialize properly. But if the unpowered data retention time has gotten short enough, the SSD will not be able to read the index from flash when it initializes, and so it simply fails to initialize and does not respond to normal SATA queries.
This also explains why the XS forum tests show that many SSDs can be written to for far beyond 3000 or 5000 erase cycles. The manufacturer specifications are for how many erase cycles can be applied without the unpowered data retention time dropping below 1 year (for consumer SSDs, 3 months for enterprise SSDs). But most of the XS testers are keeping their SSDs powered on continuously, so many of them are likely well past the point where unpowered data retention has fallen below 1 year. The ones that have gotten to 20,000 or 30,000 erase cycles likely have reached data retention times of less than 24 hours, and if they were to power down the SSD for a day or two, it is unlikely to be readable when they power it back up.
Unfortunately, it is much more time consuming to measure the point where an SSD has its data retention time drop below 1 year (or 3 months) since you would have to stop for 1 year every X erase cyles and test it. The manufacturers use high temperature accelerated aging (and hundreds of flash chip samples) to test such parameters, but I do not think that is practical for most home users, even Xtreme ones.
I think a more useful test than what the XS people are doing would be to do a "1 week torture / 1 week power down / 1 week torture / 1 week power down" cycle to find out how much the SSDs can write while still having a 1 week unpowered data retention time. Or even a 1 day torture / power-down cycle to look for the amount of writes before data retention drops below 24 hours.