It also seems like people don’t realize the misprint is points off the PSA grade.

This is only true if PSA assigns the card a PD (Print Defect) qualifier to the grade. The grade would say 8(PD) instead of just 8. You can see an example of this qualifier on PSA's website.

Since PSA did not include the PD qualifier here, that means they don't consider this misprint significant enough to warrant it. So the 8 grade must be due to other factors. The off-center cut is has already been mentioned. Perhaps there are other problems we can't immediately see in the photo, like surface damage.

It shouldn't matter that much from a collectibility perspective though. This type of misprint attracts interest from very specific collectors and I think it's still desirable regardless of the 8 grade.