BFG never claims that its 315/70R17 A/T KO2 is a 35" tire. That size may be popularly known as a "metric 35", as is a 315/75R16, but no manufacturer uses that term and every manufacturer publishes the measured diameters of each size when mounted and inflated, which in this case is 34.4" - more than 33".
Its not a question of a particular brand being undersized as much as whether the tire with the features and qualities you value most comes in a diameter that works for you.
Using the example of the three LT315/75R16 tires mentioned and the LT315/R17 BFG KO2, the BFG has a published published diameter of 34.4" mounted on a 9.5" rim inflated to the rated pressure of 45 psi for the C load rated version and 65 psi for the E load rated version. The Goodyear Duratrac and MTR "metric 35's" are both listed at 34.8" in diameter on 8.5" rims, the E load rated Duratrac at 65 psi and the D load rated MTR at 50 psi. The Mickey Thompson 315/75R16 "metric 35" has a listed diameter of 34.5" on an 8.5" rim inflated to 65 psi.
So the question is, does the 0.4" difference in listed diameter between the Goodyears and the BFG's or the 0.3" difference in listed diameter between Goodyears and the Mickey Thompson's really matter for how you wheel and where you wheel.
Much ado about nothing if you ask me, especially since the measurement that matters is not the diameter but the rolling radius.