The problem is definitely the TJmax being set so high.
Take the 3770k that I characterized for power vs. temperature vs. voltage vs. clockspeed.
With a TDP of 77W and a TJmax of 105C the maximum clockspeed Intel could set that particular 3770k to is 3.8GHz (all cores), and that is with the operating voltage optimized for LinX stability (meaning no engineering room for margin against parametric degredation over the operating lifetime of the CPU).
There's not much headroom left on the table IMO.
Now bump up that TDP from 77W to 95W and all you gain is just enough head-room to bump up the clocks to 4GHz from 3.8GHz.
The reason people think of their OC'ed processors as being proof that Intel is leaving lots of clockspeed on the table is that they are keeping the operating temperatures well below TJmax. That keeps the leakage currents quite low as well as enabling the user to set their operating voltage even lower than would otherwise be required for stable operation up to TJmax.
Intel doesn't have that luxury. Not unless they drastically reduce TJmax like AMD did.