Again, are you asking for proof that a PSU is most efficient or 50%, or are you asking for an explanation as to how that correlates to real-world power draw?
 
http://www.anandtech.com/show/2624/3
 
 
Thats from a 900W PSU, and it shows the highest efficiency at roughly ~50%.
 
 
Now look at system1 above. With a power draw range of 90W-140W its obviously using a vastly overkill PSU of 900W, so efficiency is only 73% to 81%.
 
If they had a smaller PSU for system1 (say 300W), its efficiency would look more like system3's on the 900W unit (84%-89%). The power efficiency curve in the first image proves that.
 
System1 has a maximum load of 140W. Now take the best efficiency from system1 and system3:
 
140W DC @ 81% efficiency: = 173W AC.
140W DC @ 89% efficiency: = 157W AC.
 
That means system1 will use more AC power on the 900W unit than it would on a 300W unit at the same DC load, assuming everything else is equal.
 
The lower TDP may not mean much in monetary terms, but it impacts heat which in turn can impact noise, and that's something you hear every time your system is on. Also high wattage PSUs are often longer than normal, which can affect intake case fans at the bottom of the case.
 
Again, nobody's arguing against over-provisioning or cushioning for a PSU, but theres a point where adding more watts is not only a waste of money and time, its actually detrimental in other areas.