As the undervolt data base shows, they cards were not really overvolted this time as is more representative of what range are needed for a wide range range of variance. We see cards only accepting some cards accepting a 19mv or around a less than a 2% undervolt which is what AMD needs to take into account when volting/clocking cards.
https://docs.google.com/spreadsheets/d/1Iim9e_ejX3nkgxLIZ3vLu1seQ1m0lDTKUhClJpAO-Gk/edit#gid=0
Although there are some that undervolt really well(170mv), this doesn't really apply to the equation because we are talking about reducing RMA rates. If AMD reduced voltage by 170 mV, literally 100% of the samples would fail including the golden card here because you have to guarantee stability for the life of the card across all applications, not just the limited testing in the charts above.
So how do we go about how much volts these cards need? Look at the results running around 1800mhz and these are the cards which are clocked to remain at stock clocks. Now look at the under voltage applied, we see the undervolt. We generally see a range of outside the extremes noted above, a range between 59mV an average of 90mV and the upper limit being around 120mv.
From this we can estimate simply undervolting by 60mV or less than 5%, would cause about 6% of the samples to fail within days of testing a limited number of stability tests. Increase this to 3 years of use, silicon degradation over time, and hundreds of more applications, and this number could easily rise to 50%. The 6% figure alone is an unacceptable failure rate after only a few days of use with limited testing and application. Undervolting signficantly to that average 90mv which is less than 10% undervolt and you have atleast half samples failing under a few days of use with limited testing. Increasing this to the lifetime of the card and across a wide variety of cards and you have close to a 100% failure rate outside of golden cards. Taken this all into account, these cards are absolute not undervolted. Increasing the efficiency of the card 6-10% initially(a small undervolt of 60mV) vs potentially half the cards failing over 3 years is an easy decision if the cost of the RMA rides on you and board partners.