One somewhat different data point: I was on HNL-SFO on a 763 (those were the days). The flight canceled after an engine failed to start properly and parts could not be obtained in time for the crew's availability.

They told us on board that all bags would be dispensed on baggage claim because basically nobody was going anywhere until a red eye later that night. We could then recheck based on whatever alternate flight we arranged. Most took UA, I took AA to LAX and connected to SFO the next morning. It was nice to know my bags were retagged properly after rebooking.