Exactly Cory!!!
The danger with stuff hitting the boom is the fact that the boom is highly loaded when it happens. On a hydraulic crane the boom acts as a cantilever, which is much weaker than say a lattice boom that's completely in compression. Both types are very fragile when loaded though. For example, take a beer can and lightly step on it, or put a small log on it. You can actually put a surprising amount of weight on it, because the sides are straight and all of the load is transferred. Then while you have weight on it, take a twig (don't use your finger) and gently push in the side slightly. The whole thing collapses instantly.
Any dents, gouges, etc are called stress risers, because the steel is stressed in that area. Most all of steel failures (or any other material) is due to stress risers, because that is the weakest link of the structure. So even if the damage occurred when the boom was lightly stressed, a subsequent pick later could cause the failure. A stress riser will be flexed more because when you deform materials it hardens them, so over time the area will become more and more brittle, until it finally pops. Entire offshore drilling rigs have been brought down by something as simple as welding a ladder to a main support structure incorrectly. The small weld cooled super fast, leading to different grain structure in the steel (more brittle), and over time the flexing of the support caused it to tear right at the weld, bringing down the whole rig.
Edit: this is the reason you see brand new excavators and such at auctions, they factor in the depreciation of new equipment on certain jobs to when the job is done, everything is sold off. That way there's no headaches later.