No over torquing will not cause a bolt/fastener to just loosen but it will add addition stress to the bolt which may cause it to fail over time. And really it depends on what we are torquing. As an example the wheels on your car have a specific torque spec.. probably 80 ft lbs or so. I GUARANTEE that unless you torqued them yourself they are not at spec, but over torqued. In fact most all wheels are put on over tight. If we use your theory then there'd be a lot of wheels falling off cars. For the most part a little over torquing isn't a real issue, huge gorilla over tightening will just cause either the bolt/ screw to strip out, or in an extreme case for the fastener to fail.