That's a good question, and I've wondered about the mechanisms involved, myself. Also, when the reverse condition is present... like trees planted on a slope that has eroded away and exposed the roots. Some of them bark over and resemble trunk wood more than roots, over time. So, would exposing the adventitious root growth to air and sunlight have this effect, and all be well? I've done this on fruit trees, where we mulched them too deep, and just cut the adventitious growth and any sprouting off. But, this was a buried graft thing, which is really a different situation. Those trees did respond very quickly and were fine, but the mulch had only been too deep for a year or so.
When I think about how many trees I've seen with one condition or the other... trunk tissue buried or roots exposed... it seems to me that in the latter case, most species adapt to it and it takes a long time before the tree succumbs, usually by falling over. In the buried trunk case, it seems that problems arise more quickly and the trees don't adapt so well. But this is purely a perception on my part, and I don't see too many of species that might not be so adversely affected. For example, a cypress might not get too upset by it, where a maple would. Still, it would seem to indicate that exposing the affected area and letting it return to above ground life would be the way to go... or at least in species that are showing signs of decay, etc. that are adversely affecting the tree. That's always been my approach, that letting it rot is bad, so get it dug back out. However, I did recently see a Pin Oak that was buried in fill dirt two feet up the trunk a few years back, and it seemed none the worse for it. It's slated for removal for reasons unrelated to its health, so I'm going to have to dig around the stump before I grind it out, and see what's going on down under there.