The latter is more probable to me as it has never been tested under water for more than a few hours at a stretch.
This will also be consistent with your banging hypothesis which was only heard after a day or two when it got lost. And also with the fact that no immediate sound disturbance was registered with the controlling ship.
I of course would very much hope it imploded way before any psychological trauma was inflected on the passengers, but sadly I think the most consistent hypothesis with the little data we have is that it got lost and went astray for around two days then imploded.