Its because the GPU is wide. Every core needs a portion of power at certain level of frequency. In theory, the wider GPU you have the slower it should be clocked. AMD pushes their GPUs to the limits of reasonable power consumption and performance ratio.
The other side is where you downclock and undervolt the core. Wider GPU with slower cores, will be more powerful in the same power envelope than narrow, but high clocked one.
And thats exactly what differs Maxwell GPUs from AMD ones. AMD gets more power efficient with every step down on the scale of voltage, without loosing significant amounts of performance. I've already brought to this forum link from other sites/threads about full Hawaii being able to be squeezed to 145W of TDP while having 85-90% of nominal performance.
That exact reason is why Green500 list says GCN is the most power efficient architecture that's ever been on this planet.
http://www.green500.org/news/green500-list-november-2014
I know its not exactly relevant to this thread. Just for information

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