Start by checking your pivot points and locking pins before each pull, not just the cable. Those overhead failures usually happen because the lock mechanism wears out or gets junk in the track, and the cable is just the last thing to give. I switched to a floor-mounted frame rack with ratchet straps and chain binders for anything bigger than a door skin, and honestly it's way more control for the same time. The overhead setup is fine for light work, but I keep a backup chain fall rated for double the weight now, so if the cable snaps the panel still hangs. You got lucky nobody took a hit, that bent flange could have been a skull. Maybe worth adding a secondary safety line from the frame to the panel until you get a new rack setup figured out.

Wait, Dave just WATCHED you sand wrong the whole time and said nothing?

Honestly, I think the real problem isn't the tape itself but how tight you're pulling it. Most people stretch fiberglass mesh too much when they're on a ceiling, which creates tension that pulls the mud right out from underneath it. Ngl, you gotta lay it on there almost loose, like barely touching the surface, then embed it with a light touch. Another thing nobody mentions is wetting the ceiling first with a spray bottle, just a mist, to slow down how fast the mud dries and give you more time to work out those bubbles.