Remember the typical disclaimer about playtest material. I don't think the designers considered that scenario yet. There are two options within the description of Bag of Holding that it could lead to.
Bag is Destroyed
The first is considering the bag "destroyed", which seems the most likely outcome RAW:
If the bag is overloaded, pierced, or torn, it ruptures and is destroyed, and its contents are scattered in the Astral Plane.
Bag is turned out
The other option is consider it to be turned inside out:
If the bag is turned inside out, its contents spill forth, unharmed, but the bag must be put right before it can be used again.
Which is much more generous to the player, and in line with the Artificer's Infusion of Many Pockets:
If this infusion ends, the items stored in the shared space move into one of the pouches, determined at random. The rest of the pouches become empty.
[W]ill his now defunct Bag of Holding drop its payload for extreme success?
Neither of these options would set off the TNT. One them takes the TNT and dumps it into the astral plane. The other dumps the TNT, unlight, on the floor.
Also, keep in mind you can only infuse after just finishing a long rest, so doing so in battle is typically impossible or at least very unwise -- unless you were ambushed at the end of a long rest:
Whenever you finish a long rest, you can touch a nonmagical object and imbue it with one of your artificer infusions, turning it into a magic item.