It's definitely both the cooling (otherwise the cylinder would get hot, just like a can of duster gets cold), and the safety thing. The walls of the container would generally be more than enough to withstand the acoustic shock and send that energy upward as a burst of water, but your real enemy is shrapnel from the cylinder, which the water will promptly slow to non-lethal speeds. I'll agree that a guy doing it in a plastic tank or a smallish metal one would be asking for trouble.
