Two things to keep in mind:
With a solidly grounded system, the line to ground fault passes enough current to trip the breaker. The contiguous bonding / grounding system limits voltage differences between any (attached) exposed metal to mitigate any shock hazard. Then the breaker trips, removing the fault from the supply, the sense of urgency to fix it becomes immediate because production is down, and the cost of production downtime is the driving imperative. So the safety hazard is removed by automatic operation of the safety device, the location of the fault is indicated by the circuit out, and fixing it is indicated at the highest priority.
A floating or ungrounded system supply has one set of issues. The electrical distribution supply without the contiguous bonding / grounding system, using local peg grounding with ground rods but no EGC conductor or effective fault clearing path back to the source, has a different set of issues. You are describing the coincidence of both, floating and no effective fault clearing path back to the source.
Floating or ungrounded systems are still legal with marking or signage and ground fault detection (not ground fault trip). Typically the words I see are 'with qualified onsite supervision'.
A floating or ungrounded supply, first line to ground fault simply references the system to ground and it can go undetected for a long time. But with no EGC, there can be and probably is, a local elevated voltage potential above the earth level on the exposed metal frame.
This would be especially hazardous outside or around a body of water. The man standing on the ground and grabbing a handhold on the structure / ladder / frame could have the full system voltage across him, from the earth level through the fault to the supply transformer. This would be 1000x if he were standing in water and then grabbed the metal that was faulted to the line.
Since the fault is not localized, it can be any piece of metal frame or structure anywhere on the site.
Since the breaker does not trip, the hazard is neither indicated or removed. The original design intent of this system is that the onsite qualified personnel will find and fix the fault, with the same or better urgency as if the breaker tripped and production went down.
So while possibly a legal and grandfathered system, you are missing several components. No awareness of the very specific hazards, no automatically operating safety devices that are normally expected to be present, no indicating or alarming for voltage hazards on normally grounded and bonded exposed metal.
There is a lot else going on, possibly passing enough current to show up on your electric bill but not enough to trip a big breaker.
What to keep in mind is that a shock hazard likely exists, and when you are normally expecting your breakers to trip for this type of problem, you have a system that by its original design intent, the breakers do not trip. The original design intent is the power stays on for line faults to ground.