Zen lived up to expectations. Agner Fog demonstrated that Zen5 executes 6 instructions per clock cycle (rarely 8). The main goal of Zen5 was to expand, deepen, and redesign it. This is the foundation for future generations.It's still not as beefy as other designs, I agree with the general sentiment there. But the large gap that AMD used to have vs Intel in achieving similar IPC with much smaller core structures seem to have shrunk.
TBF, I think AMD missed what they wanted to hit with Zen 5. The area and perf/ipc topic has been well discussed by this point, but I wonder if there is anyone testing Zen 3 vs Zen 2 core power curves.
I don't know what you expected. 40-50% was never true, nor was it even planned. You're looking at this through the lens of Zen1, which achieved such a large IPC increase only because the ST Bulldozer-Excavator processors had poor performance.
For Zen5 to achieve an IPC increase greater than an average of +13% for INT and +24% for FP, AMD would have had to further expand the core structures, which would have increased design and testing time.
LionCove supposedly has larger structures, but this doesn't translate into an IPC advantage over Zen5. I won't mention the L3 cache, especially since Zen5's advantage in this regard is enormous.