Here's another issue; the T&P valves I'm seeing release at 212 degrees. The boiling point of water here is about 199 degrees (due to altitude). So, if the T&P opens, you're going to get a release of over 8000 BTU just to get the water down to boiling, plus every gallon that comes out from a 75 gallon tank will release (and that doesn't count the BTU of the hot water that comes out too). That';s a lot of energy and steam to blast into a small room (for comparison, that's often human-occupied, yet code says it's okay to discharge into a bucket or drain beside the water heater. I consider that madness.
Roughly, one BTU equates to the energy released by burning a single wood phosphorous match. So, who wants to be in a tiny room with 8000 of those going off in seconds, plus a thousand more for every gallon of water that comes out?
No way, no how, am I going to allow that thing to discharge inside the room (where there is no drain an no way to add one). Outside the building has gotta be safer.
Late to the discussion -- just wanted to touch on this one point for a second. I don't think you should worry about the energy release as you have outlined.
While the boiling point of water under atmospheric conditions at your elevation is 199F, remember that the tank is at your service water pressure, around 40-50psi higher than atmosphere -- and this means a boiling point very roughly in the 260-270F range. So, under no circumstances will the water inside your heater be anywhere close to boiling.
And, if the T&P releases some 212F water out of the tank, it will be replaced by incoming cold water, which will drop the tank temperature back below the T&P opening threshold & close the valve. You would never get the entire hot contents of the tank coming out all at once & flashing to steam as in your 8000 BTU scenario. You will instead get little burps every so often as the water heats up, releases a little bit, drops back down, and so on.
Finally, although under temperature-induced relief at 212F the water coming out of a T&P will start out above your AZ ambient boiling point, the exact same amount of energy will be released into the room as would be released at sea level. The difference in elevation just means that it will come out in the form of a trickle of steaming hot water, instead of a trickle of hot liquid only.
Long story short, no I would not want to put my hand under the relief line while the T&P is activating, but the only way it's going to harm someone even a little is if they are standing in flip-flips with their feet directly underneath. For T&P you don't worry so much about harm to people from the water coming out, you worry about harm to property from water damage. Because you didn't notice it was slowly leaking for a long time.