I have some insights on this. I took Building Virtual World from CMU that is taught by Jesse and other faculties but the structure is the same.

They don't give credit on how many all-nighters you took to build something or how hard you tried. Instead they value how "complete" your product is. Students (myself included) tend to build something pretty ambitious in relatively small amount of time and ended up making a prototype that kind of works/don't. They want you to learn that you need to estimate better and deliver something simple/complete and not something that is ambitious/complex that is not quite working.

You can imagine I got a B in that class :P