If you get a new phone number the week after a prolific phone user lost it, I'm guessing that would be
super annoying already?
"Hello? No, this isn't Dave, he got a different number. No I don't know what it is. No this isn't a prank, please stop calling"
As a result I would imagine that unless the network is absolutely clean out of numbers (which they try hard to avoid) it will just never reuse numbers in such a short period. The only way somebody else has the number while the PIN is valid is that they're attacking you, which a PIN blocks.
So my guess would be that this ends up not being a problem in reality, it worried me right up until I read the expiry mechanism and then I went oh, that makes sense.