...that being said this doesnt invalidate your point about Zen ST frequency, if it does 3.4 in MT there s no way that it would be limited to 3.7 in ST.
Lets have a little bit of a theoretical discussion:
Voltage and clock scaling are not always linear, and eventually, more voltage does not help clock scaling, only generates more heat and power consumption. Every x86 architecture to date seems to hit a frequency wall not helped by higher voltage, even under LN2 cooling. I had an 8 GHz FX-8120 that would not go even 5 MHz more with an extra 0.1v on LN2.
Scenario 1: Zen does not overclock well but the 3.4 GHz base clock is achievable with low voltage.
Maybe Zen needs 1.1v to achieve 3.4 GHz base clock at 95w TDP, but needs a seemingly exponential increase in voltage to reach higher frequencies.
AMD finds that a minimum of 1.475v is necessary to reach 4 GHz, which is (theoretically, in this situation) deemed outside of safe operating voltage. AMD then cannot allow a 4 GHz turbo, even for one core, part of the time.
Scenario 2: Zen is an overclocking monster with very good voltage / clock ramping until 4.4 GHz.
AMD finds that a minimum 1.35v is necessary to reach 4.4 GHz, which is within their safe operating voltage for turbo states. Zen then receives very high turbo frequency.
We have no idea what the maximum clock speeds are that the architecture is capable of. Intel ran into this problem with Kaby Lake, the 7700K only has a 300 MHz turbo because going higher is unfeasible. To be honest, you see this with Piledriver as well. Why does the quad-core FX-4350 only have a 4.2 GHz base clock, +100 MHz turbo and 125w TDP?
We will see what happens when more details are released in coming months.