There are several different mechanisms for CO detectors, it sounds like electrochemical is the most popular, this is also called "fuel cell" (yes, like the kind that produces electricity). It really can expire after 10 years.
Ionization detectors are not so much used any longer, they tended to false a lot, people didn't like having americium end up in landfills, and there was the "radioactive boy scout". These days a photoelectric detector is used.
Besides evaporation of the electrolyte in electrochemical sensors, being coated with gunk, and corroding as likely sensor failure modes; the electronic components do not last forever. In particular, the lifetime of electrolytic capacitors is quite finite and often overestimated.
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