Graded bolts will shear cleanly as compared to softer ones.
Yes. The harder a bolt is, the cleaner it will shear. However, hardness is but one of the variables involved. The tolerances play a large part in these results. The diameter of the bolt holes relative to the bolt shank diameter and the diameters of the driving and driven components relative to one another will certainly impact the results of a shear. But an inference that grades 5 and 8 bolts do not suffer from plastic deformation would be incorrect. You cannot count on there being no burrs on the pieces involved in a shear. If the burr is smaller than the hole it needs to pass through (as in the case when it's at the bottom of a pre-made groove), then no problem. If the shank diameter to bolt hole tolerance is .010" and a burr protrudes .015" on a bolt with no grooves, the old shank could be difficult to remove. I have the head of the last grade 8 bolt (w/grooves) I sheared and there is a burr, albeit, a small one, but it is there.
The grooves in factory shear bolts determine where the break will occur but also weaken the bolt somewhat.
The grooves do not determine where the break (shear) will occur. The shear will always occur where the bolt intersects the driving and driven pieces whether there is a groove there or not. Assuming normal tolerances, it cannot do otherwise. A groove can be 1/8" to one side and it will still shear at this intersection. If there were torsional stresses on the bolt I could agree with your statement, but that is not the case here. However, if the groove should be at this intersection you can control 2 aspects. One, if there is a burr (and there probably will be) it will not interfere with shank removal. And two, you can control the shear strength of the bolt with a uniformly reduced cross-sectional area.
Yes, you can use straight grade 5 or 8 stock bolts with no grooves for shear pins but if the tolerances are tight and you shear, you may need a hammer and punch to remove the remnants. Piloon, you may not be familiar with the BX2750D snow blower but access to the fan shear bolt is inside the fan shroud where you cannot see into the bolt hole without a mirror. So ease of bolt replacement is imperative. We want the old shank to literally fall out of the hole and RAD Technologies or Kubota or whomever designed these bolts
made it happen. Having sheared 6-8 bolts in 2 winters (so far), I for one appreciate this feature. It's cost, maybe $1 extra per bolt, is cheap enough in my opinion.