Since percentile of latency is based on statistics collected by Stackdriver at request of the user, it is at the user discretion how to influence the accuracy.
As with many statistic quantities, those depend on the volume of collected data. If production traffic is not high enough, you can't expect high accuracy. Under certain conditions, traffic to the application server could be generated to get enough data for statistically valid calculations.
Next, for accurate presentation of data user can tune bucket size.
There are some factors out of Stackdriver control that could limit data accuracy such as accuracy of event reporting provided by kernel.
Stackdriver just applies well established statistical methods to the collected data.
Please see:
Monitoring metrics for external HTTP(S) load balancer
Accuracy of aggregated monitoring metrics
Identifying sources of latency