Runaway diesels are caused when there is an alternative source of fuel. Most commonly bad bearing in a turbo pumping engine oil into the intake. Shutting fuel off does no good as there no way to shut off the alternating fuel. The air intake on most diesels is typically not easily accessible. In addition, when it happens most people freak out as it is a scary situation. It is also very risky to even be close to an exploding engine.
There are emergency shut-offs systems available, which shut off intake air, but again, the vast majority of diesel powered devices do not have one installed.
One example;
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