The first reply, from Mark R, had it right. Water is weird in many ways, and one is that it starts to EXPAND as it cools from 4C to 0C. But then in the phase change from liquid to solid it expands enormously - by about 10%! Now, liquid water and solid ice are considered "incompressible", unlike a gas like CO2. In practice this means that, in order to compress it you must apply HUGE!! force. Corollary: in order to prevent it from expanding by 10% as it freezes, you have to apply HUGE!! force, and NO metal pop can or glass pop bottle can do that. So the can or bottle breaks because the expansion forces are MUCH larger than the strength of the container.
It has nothing to do with the CO2 gas. It is true that the CO2 solubility in water is better at lower temperatures, but I'm not so sure about solubility in solid ice. Anyway, even if most of the CO2 is actually expelled from solution into free gas under compression, it still creates much less force than the phase change water to ice.
Want to prove it? Do the same experiment with plain water in the container. It will still burst the same. Only difference is that, with no compressed CO2 trapped inside, there will be less of a mess when the ice/water mix inside starts to leak out of the ruptured container. Smack Down had this dead on!