This is not and has never been safe.
It's just the plausible blame that shifts.
If you read the script before you pipe it into your shell, it's safe.
And if that's not safe, then it's just as dangerous to trust that an unopened bottle of ketchup is safe.
Nothing is safe. Everything is a judgement. Being culpable is a professional service. Lucky people out-earn unlucky people. The world is a scary place.
If you download it first before executing it (instead of downloading it a second time when executing it), then that mitigates one problem, but still not all of them (like you mention). Other mitigations are also possible, such as hashing, certificate pinning, sandboxing, etc.