@flyhardmo
I believe denti is postulating a case where the declared VMCG for the thrust expected to to be used (a derate thrust) is indeed below V1, albeit only just, but the fully rated thrust VMCG is somewhat higher. To then push the levers to get "full" thrust does indeed expose you to a OEI condition while below VMCG.
In addition to that scenario, there's also all the other variables which are not considered in the definition of VMCG (and hence in limiting V1) but which be very much in evidence on the day. Crosswind is one that comes immediately to mind.