Safety factors are indeed "factors of ignorance".... ignorance of material variance across suppliers and lots, ignorance of workforce assembly quality, ignorance of consumer misuse and abuse, ignorance of whether FEA using a given mesh size and generalized material yield at estimated temperature are all accurate, etc. The magnitude of the safety factor depends on how well controlled all the factors encompassing the real-word fabrication of components combined with the consequence of failure; money can be thrown at improving control over design and fabrication factors (model fidelity, material variance, assembly quality, and so forth), and the safety factor can be relaxed if the consequence of failure isn't severe. Folks keep mentioning F1 engines which are modern marvels, but those engines are inspected and hand rebuilt by experienced professionals at intervals the common consumer would never tolerate. Furthermore, the drivers wear a lot of safety gear and race on a controlled course with rescue personnel nearby, so the consequence of failure is low. Contrast this with a consumer engine which is manufactured on an assembly line, must operate for hundreds of thousands of miles between rebuilds, operated in a real world environment with unconstrained stresses, and is maintained by less qualified personal. Professionals know there's a lot they don't know and use safety factors to ensure a product will yield customer experiences leading to a strong reputation and increased sales.