It *can*, but rarely. Typical failure is the seal (leaking out of the weep hole) like you said, or binding/seizing.
However I have pulled out a water pump that was so corroded the vanes were disappearing.. and this was on a 95 KA. It had been leaking out of the weep hole for long enough to leave a nasty corrosion trail and they must have kept refilling with tap water as it would leak out. Probably had been going on for more than a year.
You can pull the belt off and check for play and make sure it spins smoothly. I also had an old factory pump that would intermittently seize (very rarely) and make the belts squeel that I didn't figure out what was happening until it completely seized. So if you're in there and it's old, they are pretty cheap to replace just for future insurance.
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