You can make the bolt as short as you wish. However, at some point you begin to get too few threads to carry the stress applied: For example, you want a high strength bolt of a certain diameter to carry a calculated load. If less load were to be carried, you could use a lower strength material or a smaller diameter bolt.
If you try to apply that predicted load through only two or three threads, you will strip those threads - regardless of what the AISC default length is.