If random enthusiasts like you and I really know more about the bottlenecks of GCN than RTG's own engineers, that's an incredibly damning indictment of RTG.
I know that shortly after the development of Hawaii, AMD laid off the old ATi engineers. (Rory Read, the git who keeps on giving, thought that dGPUs were going away.) GPU development was then delegated to a new, cut-rate team in Shanghai. It's pretty obvious at this point that the Shanghai team, which didn't develop GCN, doesn't really understand it all that well, or have a clear idea on how to effectively improve it in terms of performance and efficiency.
Assuming RX Vega doesn't improve substantially beyond GTX 1080 performance, it's not clear that a cut-down Vega 11 chip would even beat Polaris 10 in performance or efficiency. We've heard essentially nothing about Vega 11; cancellation is a distinct possibility. RTG's latest roadmap still has Polaris parts listed for 2018.
Here's the problem: for this to be at all workable for gamers, it absolutely has to be transparent to the game software. Crossfire/SLI is practically dead at this point, and explicit multi-GPU never took off and there's no reason to think it ever will. Unfortunately, everything we've seen recently from RTG indicates that they really, really want to get out of the business of writing good DX11 gaming drivers, with their need for optimization and game-specific hacks. This is why they've been pushing DX12 and Vulkan so hard - it takes the optimization work off AMD's shoulders and puts it back on the game devs. But game devs hate it for the same reason, and most will just keep writing DX11, let Nvidia optimize for them, and ignore the relatively small Radeon market share. Note how Vega's DX11 drivers don't support any of the new features on existing titles - developers have to optimize for them explicitly. If AMD tries this stunt with Navi, they're doomed.