Interesting question, but it comes down to what's the difference between workable design stress and actual member capacity for an individual piece. Keep in mind that visually graded lumber has a lot of variability from piece to piece. The nature of visual grading, while consistent and efficient, allows different strength piece of wood to all be batched into the same group for design purposes. You'll obviously get lower strength wood next to higher strength wood within the same visual grade 'basket'. You'll see this if you refer to Table F1 in the NDS, the coefficient of variation for visually grade lumber is 25% (exceptionally high in comparison to other structural materials).
Next we need to consider how are allowable design stresses in NDS determined? Large samples of products in their respective class (visual grade 1, VG2, etc) are tested to failure, and the failure point is then plotted to establish a standard normal bell shaped curve of allowable design stresses. Keep in mind that wood has a Load Duration Factor that indicates that wood can take larger loads for short time periods, and because these kinds of tests don't normally run for >10 years to test bending strength, the numbers will be elevated due to the effects of load duration.
Okay, so now we have a standard normal curve that has been increased due to the short load duration for testing, how do we get design properties listed in NDS from this? The NDS takes the lower 5 percentile of the standard normal curve, and bases the allowable design stresses from this number. Because the COV for visual grade lumber is so large (25%), our standard normal curve is very wide, and thus, the 5 percentile will be a relatively low number. Once the 5 percentile is taken, and then the allowable load reduced for load duration, the allowable design stress will be significantly lower than what you might expect from testing a 'standard' piece of wood for fiber bending on testing apparatus.
Why is this all done? To ensure that any standard piece of wood has a very high likelihood of being stronger than the design strength would indicate. Floor systems with multiple members increase the redundancy, by combining stiffer/stronger members with less stiff/strong members to balance out the structural effects.