It could be that their shared-fate scope is an entire data hall, or a set of rows, or even an entire building given that an AZ is made up of multiple datacenters. I don't know that AWS has ever published any kind of sub-AZ guarantees around reliability.
Datacenter power has all kinds of interesting failure modes. I've seen outages caused by a cat climbing into a substation, rats building a nest in a generator, fire-fighting in another part of the building causing flooding in the high-voltage switching room, etc.