Exactly. And here's the thing: as overclockers, we can ignore the power optimizations and are able to push the performance to the limit of the chip.This.
Think about this as well. From 2003-2008 GPUs went from about 75w to almost 250w TDP just by themselves. That is over a 3x increase in power consumption. CPUs went from ~90w to about 90w and increased from 1C to 4C in that same period.
Intel or AMD could certainly build more CPUs with a 250w TDP, but the focus has been on efficiency...
How 'good' would our top-end GPUs be if the hard TDP limit was ~130w like a CPU?
The fact that Sandy Bridge and Ivy Bridge are capable of clocking so much higher than their predecessors should not be ignored.