Depends on the cap and the factory storing the cap.
It's not unusual for PSU factories to "horde" parts like capacitors for multiple reasons:
- Long lead time
- Volume pricing
But the factory has to be equipped to store these parts and I've been to a surprisingly large number of factories that aren't and have been disqualified during audits for not having proper storage temperature and humidity.
Once the PSU is assembled, you have a new issue. Is the PSU now being stored in an environment with proper temperature and humidity? That's beyond the PSU company's control after the PSU is sold off to a retailer. Often times the answer is "no". It's expensive to cool and dehumidify a warehouse! I dare say that some of the PSU company's own warehouses are too hot and too humid to be considered proper storage environment (imagine a warehouse in Taiwan or Florida... ).
If an uncharged cap sits, the ESR and leakage current and capacitance can change. The higher the temperature, the faster this happens. The storage conditions and shelf life at those conditions for a particular cap are in the capacitor manufacturer's data sheet, but if the actual storage conditions are outside of that range, all bets are off.
After so many years, we have to go through an exercise for old inventory or old components where we decide if it can be "reconditioned", "used elsewhere" or just scrapped. For capacitors, you can "reform" them by slowly energizing them until they reach their specified voltage. Of course, reforming takes time, so you have to consider the cost of paying someone to reform the cap vs. the cost of the cap itself.
Lots of product ends up "scrapped". Or you have a "fire sale" where you dump old product for nearly cost (if any of you guys are old enough to remember Ultra's "free after rebate" deals, that's because they had the ass end of a 20K piece order sitting in a warehouse for almost a year and they needed to go). Sometimes scrapping nets higher profits because you can write it off and if you don't and the older product ends up on the market and then fails, the manufacturer is still on the hook for the warranty. Also, when you scrap inventory, you have to be careful of who you hire to scrap the product. Sometimes the product ends up recondition and resold instead of scrapped. I've actually resorted to beating on the product with hammers and then spray painting all over it to make sure nobody tries to recondition it.
Of course, caps aren't the only part subject to a short life span. You have shelf life on PCBs and magnetics too. Pretty much anything with copper that is at risk of corrosion.