Same situation, HM, VG/E across the board, decent reviews. In my case instead of a low GPA, I had a bunch of scattered research so I don't have a publication and ended up transferring institutions at one point. I really appreciated that my reviewers were still understanding and encouraging of my career.
I didn't end up getting funded because they thought my project, while well conceived and thought out, was a bit "high risk high reward." *shrugs* Their loss when I get that high reward and they don't get part in the credit. ?