Even if the bead remains seated and no pinch-flats are suffered, an underinflated tyre will over-stress its sidewalls whenever there is a torque difference between the bead and the contact patch.
This problem would be visible as rippling in the sidewall.
This stress results in the carcass grain becoming visible through the sidewall rubber over time.
Many fatbike tyres, designed to be used below 10psi, will develop visible carcass grain over the life of the tyre. I would not expect a standard MTB tyre to experience sidewall rippling at all if maintained above a minimum pressure appropriate for the load (i.e. a higher minimum pressure for heavier, faster or rougher riders).