Tensile strength is what you look for if you are going to hang a bridge off it. Toughness is what you are looking for to take the shock of an explosion. Two very different requirements, and just because a piece of metal has a high tensile strength does NOT mean that it has a high degree of toughness. Steels are cold drawn to increase tensile strength via work-hardening - they won't stretch under higher loads - but tend to be more brittle as a consequence, for example. Likewise, there are very good reasons why a file, a knife, an axe, and a gunbarrel are heat treated differently.
A grade 8 bolt may be fine, and I suspect that such bolts are tempered more for toughness than wear resistance. I'd want to know, though, be before shooting it, or standing on the vent-side while someone else shoots it. I figured that the OP might be interested...