The equipment IS supposed to work under adverse conditions. Ironically, I think you'll find that COTS is better able to handle an overvoltage, as much of it is designed for 480V, while the mil-spec is designed specifically for 440V shipboard power.
Most of the equipment onboard will work fine, but there are always those special pieces of equipment that will suffer abnormal failure rates if you feed them power outside the range. You might not outright blow anything up, especially for short term over/undervoltages, but long-term overvoltages is another thing entirely and it doesn't take too many premature failures of $100k components to justify strict compliance. A lot of this equipment is older than dirt and flakey enough as it is!
MIL-STD-1599/300A Table 1 states 440V +/-5%, which is 462V max, with some allowance outside the range for brief periods.