1. Any chance that the terminal connections to the thermostat were badly made leading to local heating that directly heated the thermostat? This is made worse if the thermostat is not in good contact with the tank.
2. If properly wired, when the top thermostat opened it should have routed current to the lower heating element until it in turned reached its set point temperature and opened. Double check the wiring to both elements and thermostats. A homeowner could easily misplace the wires during the replacement, especially if the new parts were not exact replacements and had a different terminal configuration.
3. One possibility is that the thermostat ended up actually wired line to line. If the branch resistance was high enough and/or the breaker compromised, the dead short might not have tripped the breaker but instead heated the thermostat until it opened.