The best hackers (rather, the ones you'd want to work with) tended to fall in the middle of the pack. Decent marks, not great. Didn't spend their days trying to ace the next exam and spent a lot of time hacking on cool projects instead.
My own experience in college is that marks in the middle of the pack made the best employees, and in fact nowadays an extremely high GPA is a yellow flag when I'm reviewing resumes (though obviously, not a disqualifier at all).
Keep in mind at this school 80%+ would put you in the top 10-15% of all marks. I'm not against filtering for low marks, but in this case NVidia set their sights on the top 10-15% of the student population and disqualified everyone else as a matter of course. IMHO a dumb move that unnecessarily turned away a lot of qualified people.
I don't work at Nvidia, but working in the hardware field things go a bit slower. You need people who pay attention to detail and follow the process to a T to avoid costly mistakes and rework. Thats why "people who could put up with the bullshit that it took to get into the top 15%" and "people who are intelligent enough to design chips at a high level and disciplined to follow the process to avoid blowing hundreds of thousands of a dollars per mistake" have more cross over than high GPA and good ruby on rails hacker. It is just a different mindset and a different set of economics to be building slow iterating hardware vs quick iterating software.
And just like for production software, you have to test your code to death to make sure there isn't any bug. For instance, we usually booted Linux on CPUs to make sure nothing would go wrong (and things would usually go wrong around cycle 1,000,000,000! Debug that)
The brightest kids I knew got 80% without trying. If you're bright enough to work at NVidia and can't get 80%, you're lazy. I'm sure they missed some talent but saved a ton of time not having to interview mediocre students.
Be careful not to emphasize it too much though, lest it seem like you're making excuses. Maybe the person considering you for a job did the same thing.