When I did my degree 40% got you a pass (a rather crappy useless one but deemed a pass anyway).
Aside from education though I think in reviews it can often mean a 7 is not so great. I remember a computer magazine I used to read as a youngster and they used percentages. Basically any game below 85% wasn’t really worth buying, anything around 50% or lower was garbage.
In a sense though any ranking system tends to only work if you know the context.
If I see a 3 star film review, mathematically it means above average but read the text and it’s usually a big disappointment.