It doesn't propel a 'chunk' of anything. The tire SPLITS in the area where the rubber has exceeded its elastic limit. The area of separation is in the sidewall where the nylon casing is fused/bonded to the rubber compound NOT the bead or any steel belts.
You have imagined that a chunk will somehow dislodge itself (as if cored out) and become a potentially deadly projectile. Please stop. That is irresponsible fear mongering and hyperbole.
We are dealing with a small tractor tire inflated to a horrifying 20 psi.
Here is a real world example of what happens when a 'bulge' fails. I know you'll recoil when you see the guy purposely slit/puncture the actual bulge site. I mean what kind of fool would place himself in such a perilous position. Please take this opportunity to educate yourself on tire construction (passenger vehicle and tractor tires....the same). Perhaps then you'll understand why the danger you propose (at low inflation pressure and a tire that is not dry rotted) is such folly.
In no wise am I advocating we ever dispense with reasonable safety practices. I AM however calling out your notion that the OP's tire represents a physical hazard. The tire is a 'time bomb' (pun intended) only in the sense that it WILL fail at some unknown point. The failure WILL be unspectacular and manifest as nothing more than an audible 'whoosh'.
We live in a world with plenty of things to actually worry about. The OP's tractor tire is not one of them. Anyone believing otherwise probably needs to stay at home each day because you are venturing out into a world where REAL risk assessments are necessary.