It is not paranoid, it is preemptive, and it's not a bad thing. For the comparatively cheap cost of a decent new power supply compared to the replacement of a good motherboard, CPU or graphics card, or a large drive, it makes a lot of sense to replace a power supply that has reached it's warranty age if you still value the hardware it is powering by that point and then potentially move that still working PSU into a system that is either low value and not a big concern OR shelf it for a backup in the even that your replacement unit must be RMA'd. Not everybody's unit, after being shelved, blows up their motherboard. Although that's certainly a possibility and you might alternatively wish to simply throw it away.
I don't recommend continuing to use power supplies with hardware you care about much beyond the warranty UNLESS it is a unit that the manufacturer actually offered extended warranty coverage for beyond it's standard warranty. They don't usually do that unless they believe the platform and component selection is good enough to warrant it.