Too little oxygen? Hypoxia.
It's a simple idea, with great and useful application, but the technology, while better and far more advanced than it was, is still not 100% reliable.
Well nothing is 100 percent reliable including OC scuba. I would suggest you ask questions of a CCR diver and listen. You might be interested to read the results of a recent survey and learn what others think.
As an aside, the technology pre-dates OC scuba and modern units are reliable... more complex than OC but reliable. The most common failure by far in CCR accidents seems to be operator error starting with failing to use a check list.