Am I missing something here?
 

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Not sure about your card but I've gotten miscut from psa for a card that wasn't square, and also for a card with too large of borders (oversize card). A 68 clemente got rejected 3x and finally I sent it to Beckett and it graded an 8.

I'll tell you something about PSA from my experience. If the card is not holdered, you cannot believe the reason they put on the flip. They don't care because the card is not holdered, so there is no guarantee behind it. The card could be counterfeit/reprint, but have as the reason for not holdering as Miscut. In your case here, it's most likely because the card was trimmed at the top. PSA holders cards that are MK automatically.

it's trimmed, so a bad haircut...hence the "miscut". one good thing is if they had said trimmed they would've charged you a grading fee. did they give you a voucher for this "miscut"?

Agreed

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I don't understand either. Why wasn't it slabbed as "Authentic"? Isn't that where trimmed cards fall into.

For both PSA and SGC, you must say on the submission form that you want to slab cards that would grade Authentic (and not have a number grade), hand cut cards excepted. Otherwise, by default, neither TPG will holder the cards.

I don't know about the why's and whens of the graders.

As to that card... I have an opinion. The top margin on the left side, when viewed from the front, had a tear at one time. The card has been trimmed, slightly off from the perpendicular, leaving the top left shorter than the top right, which is close to correct. On the back one can see a bit of paper loss at the top right of the back side showing damage from that tear. That's what's wrong with the card. I think it looks pretty good...