Source: article 6.8.2.2 of this document; https://www.faa.gov/about/office_org/headquarters_offices/as...
Edit: I didn't see the "/s" before writing this comment.
Safety factors feel like p-values. Why .05? Because. What if it's not good enough? We'll move the goal post.
Safety factor is really just a (somewhat blunt) method of managing risk. It's just admitting that we don't know the true load spectra that a design is exposed to, so we take what we believe is the max load and then slap a multiplier on it to manage how much uncertainty we expect, be it from estimates of that load, or dynamic factors, etc. etc.
We then also consider the consequence (since risk = likelihood x consequence). If the consequence of a failure is that our balsa-wood model bridge falls over, we shrug and keep it low. If it's that our pressure vessel undergoese a BLEVE [1] in the middle of a population centre then you jack it right the hell up.
There's nothing that specifically requires a safety factor. We could spend millions of dollars and thousands of hours understanding exactly the load spectra a design experiences, but that may be prohibitively expensive in the case of designing a bridge, so we instead accommodate more risk by overdesigning the item. In a space application where every kg of launch mass represents big $$$, then spending that extra time and money to understand the load specifics in more detail makes sense.
In less words, I'm eternally thankful that I work in an era where much of the older equipment I used was designed in an era of slide rule. This means there's a bit of extra 'meat' in the designs which often means that when I do a more precise computational analysis, I can deal with 10% material loss through corrosion, or extend out the life by some period of time because it's not been designed precisely to the material limits.
Yes, I feel this way too. The knowledge and tooling of modern engineers is amazing, and can do miracles when applied to tasks that seemed impossible just a century ago. But more often than not, it's used to pinch pennies from old designs. This makes me wish for infrastructure projects to be forced to be designed with slide rules again - the less precise your determination of maximum load is, the less the beancounters can "optimize" it.
This is doubly sad in our era, where matter is cheap and labor is expensive - adding extra safety margin can be almost free, but it's an easy target for cost reduction.
Keep in mind that weld strength is not one single number, it is a wide range. You can inspect a weld with X-ray, UT, MT, and PT methods to narrow the range, but there are still variable heat input, soluble hydrogen content, pre-heat and post-weld heat treatment factors that ALL affect the final hardness/brittleness and ultimate strength of a welded fabrication.
"Where'd you get that idea?"
"What do you mean, where did I get that idea? It's in the impulse engine specifications."
"Regulations 42/15: 'Pressure Variances in IRC Tank Storage'?"
"Yeah."
"Forget it. I wrote it… A good engineer is always a wee bit conservative, at least on paper."
- La Forge and Scott, Star Trek TNG "Relics"