Low octane causes detonation (explosion). Which forces the rod back onto the crack with far more force than normal ignition. Enough to bend rods, break pistons, warp heads, and crush bearings. Very mild detonation can't be heard by a human ear inside the car but can still create damage, especially over the long run. There have been more than a few ruined M42's that were suspected of being ruined this way.
Unfortunately many think that if you can't hear it, it's fine, and since the car didn't blow up spectacularly within a few hundred miles that things are fine.
Bearings are designed to take abuse, and survive, for a while. As the damage piles on, oil can compensate less and less and each detonation becomes more and more of an issue. The bearings thin out needing more oil to fill the gap, the oil pressure then drops. Both combine to make a loose fit, creating rod knock.
Just because you can't hear it, doesn't mean it is okay.
Run the proper octane.