SAE J429 Grade 5 bolts have a minimum yield strength of 120,000 PSI. SAE J429 Grade 8 are rated to 150,000 PSI. So the material of a Grade 8 is roughly 25% stronger in tension.
Of course those numbers are meaningless without more details of the application.
A TJ bumper bolt is 1/2-13 UNC, at whatever length makes sense for the application.
A Grade 5 1/2-13 has a minimum break strength of 17,000 lbs tension, a yield strength of at least 13,000 lbs tension, and a proof strength of at least 12,000 lbs tension. Meanwhile the Grade 8 is a bit over 21,000 lbs, 18,500 lbs, and 17,000 lbs, respectively.
Note that minimum break strength is the tension required to break the bolt. The bolt will begin to deform past the yield strength, but will continue to hold. In most cases, yielding is considered a type of failure, as it changes the structure in a way that often significantly alters loads.
Proof load is a load that any bolt can be tested to with no visible signs of damage or deformation. It is only a single load test, and does not take into account repeated loading.
All of this is nice, but still not very applicable to the TJ bumper. Why? Because when you start winching on a TJ bumper, you get combined tensile and shear stresses. With good bumper design and a low-mounted winch, the tensile stresses can be minimized.
But the shear stresses will always remain. A bolt has roughly 60% as much strength in shear as in tension. Based on information provided by Fastenal, the approximate shear strength of a Grade 5 1/2-13 UNC bolt is 9,000 lbs, and a Grade 8 is 11,300 lbs.
But those are shear strengths to failure, not to yielding. Now the expected yield strengths in shear are somewhere around 6,900 lbs and 9,800 lbs, respectively.
Given the way most TJs are set up, the vast majority of winching force is applied to the top two bolts. If the winch is pulling at 2" above the mounting surface, the moment about the bumper multiplies the top shear stress by a factor of 1.5, given that the reaction force against the bumper overturning is provided by the bottom bolts.
Many TJ manufacturers rate their bumpers to a 12,000 lbs winch. A stalled out 12,000 lbs winch will therefore apply roughly 18,000 lbs of shear across the top four bolts, or 4,500 lbs per bolt. So that alone will not shear a bolt, not Grade 5 nor Grade 8. Technically you still have a 2:1 factor of safety against total failure with Grade 5, and 3:1 with Grade 8. Not great, but your winch line will probably snap first.
But let's say whatever you're pulling isn't moving. So you grab a pulley, and run the cable back to one of your recovery points. An anchor point is generally placed in front of the frame rail, roughly centered. So that 12,000 lbs additional force is now distributed 50% top and bottom. The top two bolts now have an additional 3,000 lbs of shear for a total of 7,500 lbs of shear per bolt, and the bottom bolt has 3,000 lbs of net shear (6,000 lbs from the recovery point attachment negated by 3,000 lbs from the overturning force from the elevated winch).
So now your Grade 5 bolts on top start stretching, and the bumper begins to pull away on that side. They don't quite rip out, but they will probably have to be cut out with a grinder. The Grade 8 bolts are still fine.
Now let's say pulling 24,000 lbs just isn't enough, and the load slips. It transmits a 1.5x shock force to the line. Your grade 5 bolts snap, the bumper peels off the frame, and you get to watch some expensive things happen. The grade 8 bolts yielded and came insanely close to snapping, but didn't.
Now obviously that's a pretty unusual use case. But it kind of gives you an idea of what you could expect. In automotive design, engineers generally choose to use a factor of safety of about 3:1 to failure. Technically, we exceeded that when the single winch line began to pull about 12,000 lbs, even with the Grade 8 bolts.
Keep in mind that bolt failure is not the only way a bumper could fail. The material held in by the bolts could tear out, or the welded nuts could even tear out of the frame. Grade 8 has a modestly higher target torque value, and the additional clamping force will also provide some additional resistance to tear-out of the base material. In addition, the reduced stretch of the Grade 8 will also result in more even stress distributions in the surrounding material, reducing the odds of tear-out a bit more.
Flange bolts are preferred to normal hex bolts or cap screws because they distribute the load better. When paired with an appropriately graded washer of a good size, this provides the maximum resistance to tear-out.
Also note if the bolt does yield, it loses its preload and the odds of tear out of the surrounding material increase vastly.
In addition, a stretching or yielding bolt in shear changes shape, and often ends up being subjected to a combination of shear, bending, and tensile stresses, thus vastly accelerating the process of total failure.
Another factor not discussed is that the bolt preload (the existing tension due to torquing) decreases the shear strength by a significant factor. At the same time, that preload also adds strength in that it increases the friction between the two joined plates.
TL;DR: Buy Grade 8 flange bolts with quality washers when possible. But you probably won't die if you have to go with Grade 5.