It is a liability nightmare. There is a bunch of paperwork involved in cutting one at any non-shithole factory or refinery. You'd have to be a deranged fuck to mess with this system and not be particularly concerned about criminal liability or getting a one way ticket to unemployment.

The most common way it is done now is the person taking the responsibility/signing the work permit is the one putting a single lock on a breaker in a locked building. Then the key for that lock is put into a clear box. The box is closed and is held shut by a metal tag that can only be removed by cutting it. Then the work permit is signed when everyone is happy about the lockout and every person who has a name on that work permit/is working on that system locks the box shut.

There are a few variations to this. Occasionally now I am seeing a single lock by a foreman put on the box and then a tag with signatures of everyone who is working on the system and everyone has to sign off of the system before the box can be opened.

Many lockouts have far more than breakers locked as well - oftentimes a number of valves are as well. I've done lockouts on refineries in construction that had over 200 points on them.

Source: Oil and gas process operator.