More often than a fault in the detection elements. Usually by being out of adjustment, which is caused by repeated heavy traffic / use, or ground movement, or big changes in temperature. Tolerances can be as low as 2mm. Obstructions are maybe 30% of the detection issues, and it is almost always ballast, litter, or a broken bolt.
Other common faults are loss of hydraulic oil in clamplocks - almost always due to a hose that has failed, often due to damage rather than age; seized lock bodies (the bit that drives the locking element of clamplocks) - usually due to chemical issues causing rust. Rarely used points will sometimes fail just because they are a little bit rusty or need lubrication.
That covers about three quarters of failures. Most of the rest is power related, and a very few are a catastrophic failure of point motors themselves.