Why Pumps Fail
Why did your pump fail? Here's a few obvious reasons.
Most pumps only need about 60 psi. If the pump does not have an air regulator adjusting the amount entering the pump, it causes excessive pressure that makes your pump work harder then it has to, which can cause it to self combust over time.
An excessive amount of water in your air lines over time destroys the seals and moving parts, washing away the original grease in the pump causing corrosion.
Pumps are like any other type of machine, parts break and wear out over time.
Your pump is older then your grandfather's father and it finally had enough