May be the most likely failure mode would be that the bolt breaks. If this happens on tour it could be problematic as you need to find someone competent to drill the remains of the bolt out, and not be able to tow your trailer until this is done.
With rack bolts I have seen bolt snapping happen to others when the bolt gets a bit lose and allows the rack to bang up and down against the bolt.
I would be concerned about the bolt having a smaller diameter than the bobbin. This might be mitigated if the bolt supplies sufficient pressure to stop movement at a torque which is appropriate to the threads. I would suggest using a torque wrench and getting advise on a safe torque for the combination of harness of thread of bolt and frame and length of thread. Safe torque should take into account of lubrication of threads.
You would want to choose the right grade of steel for your bolt rathe than using a random one, and consider using Loctite and/or a antivibration washer (I find them very effective on rack bolts) to ensure it does not loosen and allow movement between the bobbin, the frame and the bolt.
(PS I am not a mechanical engineer hence I start my answer ‘may be’ and do not suggest a safe torque. )
Tim