My employer has a couple of ferris wheels (don't ask, it's a long story) in rental
stock, so I've got a
bit more of an inside view of this.
First off, if there's no transformers around, the camlok laying on the
ground is probably carrying 208/120
power, not 440. Carnies are looking to make their own life easy, and locking themselves out of being able to buy parts at normal stores isn't something they like to do. As for placement, the water/electricity combination isn't as volatile as most people think. A camlok in good condition is moderately raintight, and I've done lots of outdoor
power jobs where live camlok connectors got rained on and no problems resulted from it (submerged is another question, as is placing cables in traffic patterns).
Traveling rides are, in most states, inspected at the first stop of the year in that state. The ride cannot be operated (legally) until the inspection is done, and any defects found are corrected. After that, the rides are only inspected on request. Ride inspectors usually aren't concerned with the placement of the ride on the fairgrounds (like the powerline proximity noted above), but just with the general condition and
safety features of the ride itself. The inspectors themselves can be an odd lot - my state's inspectors are also responsible for elevators and steam boilers. A nearby state has an inspection statute on the books, but no inspectors. If you're doubtful about a ride, ask to see the inspection sticker (usually on a license plate sort of thing mounted in plain view). If there's several states worth of this year's stickers, it's probably a pretty safe ride.
As for the bolts, most rides use the bolts as pins in double shear, not as bolts under tension. Speed of setup and tear down is a major concern for carnies, so they try to get things arranged so that the fewest people are needed to do the work the fastest. The original rides are usually fairly well engineered and built, it's the later modifications that need to be looked at.
For all the hype and hysteria, there's very few accidents per year that are actual equipment failures. Usually, the riders themselves are doing stupid things when people get hurt.