In the 1979 UBC, and I assume others, but this is the one I will address, Table 29B refers to "Allowable" loads for vertical and lateral loads for footings. OK
In Section 2906, it also refers to these values as "allowable", and not to be exceeded unless there is data available to suggest a higher value - soils test implied.
In section 2908 (b) and (c) for piling, there is a reference to "Method 1" where the "allowable" load for the pile is determined by a load test, the allowable not exceeding 50% of the yield point. OK for that too.
Although I could find no specific statement here relating to yield vs allowable for soil, I think the testing methodology for pile is a definite hint to the "allowable" vs "yield" values.
All the allowable values from the table are letting you do is forgoing the expense of a soils test in lieu of being conservative regarding the soil bearing values. So. yes, the soil can probably take more load if properly classified according to the tables. However, that is all relative, for it will also settle more to achieve that value.
Mike McCann
MMC Engineering