Comment by don-code
Indeed it could have. I was on a fairly prestigious scholarship; luckily, my marks were good enough that this was a low-risk decision.
That said...
I graduated with a 3.2 GPA, after being the stereotypical "gifted" student up through high school. A 3.2 is, apparently, still decent. However, I did feel a bit of a twinge seeing my peers walk at graduation with with cords, bents, and other regalia, where I just had my standard-issue black robe.
It had less to do with my grade in this particular class, and more to do with the fact that I had a part-time engineering job - 10-20 hours a week - and was making money. When you've spent a couple of years being broke, having an extra few hundred dollars per month was a big deal. Enough so that I didn't really care about putting the extra effort in for A's - that extra time was time better spent working. B's were fine if I could afford to take my girlfriend out to dinner every month.
In the years since then, it seems like this was a good decision. That job became full-time after college, and I stayed there six years. At the end of six years, nobody really cared about my college GPA. At the end of nine years (when I next looked for a job), I didn't even bother listing it on my resume.
Message for engineering undergraduates: when you have an opportunity to trade great grades for good grades and increased immediate career prospects, take it.
Your internship / prospective employer cares way more about the job you're doing for them than +0.5 GPA.
(If you're heading right to grad school, obviously different weighting)