While standards may vary with location, we have to consider that the design has to meet several criteria. First, it has to be competent to withstand the traffic loading for a specified period of time. Second, it has to be constructible. Third, it has to be serviceable. Fourth, the stability of the material must be considered in conjunction with moisture and compaction.
Let's consider compaction relative to constructability.
Low compaction in the subgrade makes it more difficult to achieve higher compaction in the subsequent upper layers. For many materials, if we had 90% compaction in the subgrade, it would be difficult to compact a graded aggregate base on top of that to 95 or 98% compaction. It is like trying to compact on top of a mattress. Another reason we want to achieve high compaction during construction is so that when traffic is applied to the pavement, we don't want more compaction to be caused by the traffic than was achieved during construction. This leads to rutting and cracking.
When you consider stability, you have to look at the materials. For instance, there are materials that are more stable at 90% compaction than others at 98% compaction. In areas north of my general practice area where there are Piedmont soils, many of those are relatively stable at lower compaction; however, that's only if they are not exposed to water, post-construction. The same is true of many of the glacial tills that dominate the areas from Kentucky through Wisconsin, Michigan and other similarly formed areas. In my general area of practice (coastal plains), the sands are not stable for pavement purposes, even with high levels of compaction. We usually have to supplement the subgrade sands with other materials in order to achieve adequate stability. That is not necessarily true of other areas of the country.
To finally get to my point, higher levels of compaction will result in better pavement performance in general. This is true of stable materials and those that may require stability enhancement. For references of these premises you can consult Yoder and Witczak's "Principles of Pavement Design", or Huang's "Pavement Analysis and Design", or The AASHTO Pavement Design Manual. If you want to dig further into soil strength, particularly shear strength enhancement (a precursor to stability), check any of the good geotechnical texts.....Terzaghi and Peck, Sowers, Coduto, etc.