I really don't see it as a dangerous shock hazard. The only voltage to drive the shock is the voltage drop on the grounded conductor. If the grounded conductor would be opened, then the conduit would be carrying the current and you would have voltage drop on it, but it would have to be a very large ampacity circuit before that voltage would rise to dangerous assuming tight connections at the conduit couplings and termination points.
If the grounded conductor is not open, I don't see much in the way of heat on the conduit. The only voltage that could drive current on the conduit is the voltage drop on the grounded conductor. That will not result in enough current to produce an excessive amount of heat.
Note, that the connection of the grounded conductor to an EGC (the raceway) would be a code violation, and there are combinations of conditions that could create a hazard. 250.24(A)(5)