My small neighborhood has all utilities underground. The insulation on the 50+ year old service to my house ‘wore out’ and ruptured while some adjacent work was being done. They replaced it with new wires, and this time used a conduit.
An occasional bigger problem was our telephone service would get messed up during periods of heavy rain. Apparently some of the (bigger) junction cabinets were old and leaky. It doesn’t help that we live in a low-lying area with a high water table.
Part of it is labor cost. In the Northeast, at least, construction workers get paid a fairly decent wage, and those working on tunnel, bridge and high rise projects (sandhogs and iron workers) earn upper middle class salaries. In olden times, construction labor was cheap, even adjusted for inflation. There was no shortage of off-the-boat immigrants willing to risk their lives for a few cents a day to put food on the table.
Speaking of which, hitting a gas line has more potential to be catastrophic than hitting an electric line. While they don’t have to bury the gas line, there’s a very good incentive to do so. They also bury them deep – seven feet or more around here (at least according to the utilities locaters I speak with).
Buried lines are probably safer than above-ground power lines. If you build with enough flexibility in the system, most of the lines will remain intact, and those that do break will not be dangerous. Power lines on poles come down with some regularity in an earthquake, though, and are one of the things earthquake safety manuals mention as a post-quake hazard.