I've always heard it's not the voltage that kills it's the current?
You have to have a potential difference between two points or surfaces to drive a current through a conductive pathway. For a given voltage, the lower the impedance of the pathway, the higher the resultant current.
If the conductive pathway is of very low impedance (as is desireable in any intentional pathway), such as an intact water pipe, the voltage between the two points of contact will be extremely low, and the current high.
If you create a break in the pathway, the full potential difference now falls across the air gap, and the current drops to zero. That's why a bonding jumper is required around insulative interruptions in the piping.
The benefit is that the parts of the electrical system that should be at earth potential are at least close to that. The disadvantage is that a current is forced through the piping, but it's openings that create a hazard.
The reason an intact water pipe might still create a shock hazard is due to impedance-caused voltage drop between the pipe and the earth (or more accurately, the utility's GES), not between parts of the pipe.
An equipotential bonding system does not assure zero volts to earth, merely zero volts between various parts of the bonded equipment and materials. Zero volts to earth is desireable, but not guaranteed.
The above presumes you understand that the greatest potential between points in a current-carrying circuit is across the part of the circuit with the highest impedance (which simply speaking means AC resistance.)
If there's current traveling through a waterpipe system, it's from an unwanted impedance in the service's neutral conductive pathway between the transformer's neutral terminal and the panel's neutral terminal.
The voltage causes a current, which causes a voltage across the impedance, which causes a voltage drop which allows a voltage difference. Eliminate the impedance, and you eliminate the voltage difference.
A shock in your body is a result of current that the voltage difference causes to appear across your body's impedance. A good bonding system is supposed to minimize the voltage across points you can contact.