The main risk is that the mysqld daemon runs on the network, and that a vulnerability in the daemon allows the mysql user to gain some root privileges – namely, the ability to send signals to root-owned process. On many installations, the mysql databases contain unimportant stuff like Wordpress data, but even partial root privileges could be a lot more dangerous.
As an example, consider the following scenario:
1. I run "/etc/init.d/mysqld start" to start the daemon.
2. mysqld drops to the "mysql" user.
3. mysqld writes its PID file, now owned by the "mysql" user.
4. Someone compromises the daemon, which sits on the network.
5. The attacker is generally limited in what he can do because the
daemon doesn't run as root. However, he can write "1" into the
mysqld.pid file, and he does.
6. I run "/etc/init.d/mysqld stop" to stop the daemon while I investigate
the weird behavior resulting from the hack.
7. The machine reboots, because I killed PID 1 (this is normally restricted to root).
This is admittedly a minor risk because it requires someone to compromise the daemon already, but if they do, they shouldn't be able to gain any root privileges (like signalling root processes).
PID file is created as a mysql user, which normally nobody has access to. It's the user that mysqld process is running at, so this user has full access to all tables in all databases. Which practically means that only root can modify PID file.