It is true it isn't a guarantee. What do you mean it won't undervolt at all? I personally haven't seen ones that can't undervolt at all. Don't think you'll necessarily be able to both undervolt and overclock, but that isn't the same as just being able to undervolt. If I'm not mistaken, some people have seen no performance loss by undervolting and underclocking (not a lot, but like 1250-1200), since it removed throttling. Plus with the PCIe socket issue on Polaris, there's other things that can be potential causes for instability.
I don't believe it has anything to do with binning. From what I can tell, it doesn't seem that AMD is binning or even putting in work to see what tweaking they can do, they're just taking the chips they get from the foundry and throwing voltage they know works and doesn't degrade the silicon too quickly (I really truly think that is the only "binning" that AMD is doing, and I believe that would even be more the foundry doing that level of testing), and then slapping them on cards, while they try to get the hardware power features working (which they have thus far not actually accomplished). I think this is the result of lack of resources, AMD just does not have the resources to test the chips themselves. And AIBs aren't going to do much of that as it costs time and money and they don't make enough from AMD's products to be worth it for the most part, so they just rely on their improved power setup and cooling to push for some overclock.
One reason I say this is, look at how Microsoft talked up their tweaking for Scorpio (which I think Microsoft is hyping, the reality is that Microsoft is just actually binning chips somewhat, something AMD has not been doing, so it is something actually new being done in consoles).
The talk of them binning for Apple I don't think is true either. I would almost be willing to bet that Apple is just having their engineers set reasonable voltages (either in software or possibly in BIOS). Maybe they're having AMD do it, but I wouldn't be surprised if its all Apple doing the tweaking there.
I could see improvements, although I'm kinda skeptical that we'll see a respin of current Vega. (Did they even call the 580 a Polaris respin? I know they talked up process improvements but I don't recall if they called it a respin as well.) Don't forget there's a small Vega set to replace Polaris coming.