Well, think about how the anchor bolt is physically held into the concrete 'assembly" of cement, aggregate and rebar: Isn't it held in by the physical resistance of the grout (cement) and sand touching against the rebar?
So, (1) if there were "too much" rebar too close together and the gravel/rock in the concrete "bridged" a hole near the anchor bolt, then (2) if the agitation of the concrete mix was too little (not enough force and movement to work it into all of the spaces under the rebar) then I could imagine the anchor bolt not being fully surrounded by concrete after it hardens,
If the concrete mix doesn't touch the anchor bolt all the way up and down the anchor bolt, then it could not develop enough friction to take the load.