Its simple, the likelyhood is that even if they are not visible, the card is NOT 100% stable at the overclocked frequency; it's generating errors against the expected, and pre-calculated data. Similar to how an overclocked CPU might not crash, but it might fail prime/linpack or do wierd things because its not 100% stable and is generating errors at low level.
As you say yourself, at 700Mhz it is stable, at 741 it is producing errors in its output, and is not. Just because you can play Crysis doesnt mean the overclock is 100% stable, I remember lots of cards dying under similar circumstances when Doom3 came out and lots of overclocked cards couldn't handle it and gave up the ghost.
One of the main reasons for testing programmes like OCCT is for exactly the reason you're commenting on, to warn you the card is producing errors before you can see them, or it becomes fatal in the long run for the card.
Upping voltage to the core MIGHT help reduce the level of errors, but thats a whole extra can of worms.