If I were a contractor, and a compaction result of 70% was reported, I'd start looking for a new geotech, unless, of course it was April 1st. But seriously.....
The Proctor test is a physical test, brought to the world by, you guessed it, Mr. Proctor (circa 1933). The test proved useful in stabilizing soils for military applications, especially impromptu aircraft landing strips. Proctor (the man) believed that density increased as water, acting as a lubricant, reduced the friction between soil grains, allowing for a more efficient particle arrangement via void filling by the smaller grain sized particles. Additional work by Hogentogler (1937), and Lambe (1958), and the man considered by many to be the master of soil mechanics, Terzaghi, increased the understanding of soil behavior to the point that, under carefully controlled conditions, soil and soil-aggregate composites can be relied on to behave properly under a very wide range of conditions. Over the years, the basic laboratory Proctor test has not changed much. What has changed are the challenges that geotechnical engineers face when evaluating a site. The combination of a good geotechnical engineer and a good structural engineer, working in concert, allow construction to take place at locations that previously were considered 'unbuildable', It would take a detailed understanding to ever allow a recommended compaction requirement to be waived, lowered, or increased. The best course of action is to determine why a spefied relative density is not occuring. Any deviations from the specified relative densities should be brought to the attention of BOTH the geotechnical engineer and the structural engineer for analysis. It may or may not be acceptable. I'll leave you with some examples.
Highly compacted, unyielding soil may be required beneath one type of pipe to avoid shear failure of the pipe, but cause it in another type.
Highly compacted expansive soils, especially when compacted on the dry side of optimum, may heave and cause significant damage when lightly loaded and subjected to moisture infiltration.
Highly compacted fine grained, silty soils, may consolidate when placed and compacted at moisture contents below optimum, This is especially problematic in trenches.
Wide variations in density, even though minimum requirements are met, may lead to a non-uniform soil support system for pavements.
Other, equally important considerations have already been mentioned in this forum. I hope you can see that the question you posed is not nearly as easy to answer as it may have seemed. Whenever I hear it said that the "engineer overdesigned" a project, I always reply that the engineer knew instinctively that someone would try to under build it.