Certainly with the FIPS device I use, there are 6 factory programmed 256 bit encryption keys stored in the device. All the pin code does is unlock the factory code that is currently in use in the encryption hardware. The encryption keys are not derived in any way from the pin code.
If you get the pin wrong 10 times then one of the encryption keys is erased and you move onto the next one. Once 6 have been erased, the device is permanently useless. This all happens well before any attempt to access the data via sata or any other means.