Well, it wasn't stabbed or dropped...Looks like it was dropped or stabbed with a screwdriver to me.
UV tears up plastics, particularly polyethylene, by breaking bonds in the long polymer molecules. It doesn't need to "bleach the plastic white" -- the damage can be virtually invisible.
As a fisherman and general junk collector, I have many uses for those 5-gallon PE paint and mud buckets and will usually stop if I see one by the side of the road, to pick it up. Quickest way to assess the UV damage on those PE buckets is to squeeze them across the top. If they crack, they're shot through with UV. I've been surprised on many occasions when I thought I'd found a fairly new bucket and squeezed it and -- CRACK. I guess there's a bit of variation in how much UV blocker manufacturers put into the resin.
And it spent the majority of its life sitting in my shop. It was never left outdoors.
I do have one can I bought used and it's sun bleached.