Thats because, what Mahigan pointed already out: Maxwell Cores are starved for Bandwidth. Secondly - scale.
2880 CUDA core GTX 780 Ti is 50%(sometimes less, sometimes more, depending on the game and... drivers) slower than reference GTX 980 Ti which has 2816 CUDA cores. Both have identical bandwidth, but core clocks are different and they differ by the amount of performance cores can output. Cores of different architectures are bringing advancements. Jump from 128 Cores of Maxwell to 128 Cores Pascal is exactly 2X. The question is, will they be fed enough. Core clocks will be high, very high. But the ROP amount in GP104 is worrying: 64 ROPs, and GDDR5 and GDDR5X memory. And we already know that this may not be enough, by looking at Maxwell. Thats why Nvidia went with HBM2 for their GP100.
Overall performance increase between 2048 Maxwell CUDA GPU and 2048 CUDA Pascal GPU will not be 2X. But it may end up between 30 and 50%. And that is quite a feat, to be honest.
In your example, 780Ti vs 980Ti, there is again a huge clock speed deficit on the 780Ti.
~25-30% clock speed gains on the 980Ti and extra vram which has an effect in many games from 2015 onwards. When you work it out, each Maxwell CC is effectively x1.2 to x1.3 Kepler CC only at the same clocks. Hence the 20-30% IPC.
If you want to claim Pascal has 30-50% IPC, with its ~20% clock speed advantage, GP104 will be 50-70% faster than Titan X.
Now, compare the last node shrink and uarch change, 580 -> 680. The 680 was ~25-30% faster. But the 580 chip itself was compute heavy and so it suffered perf/mm2 and perf/w, thus the 680 being a gaming focused chip, has even a better handicap.
This time, Titan X is already beast mode for gaming with gimped compute. It's already a lean-mean chip.
There's zero chance of GP104 being 50-70% faster. That's more for GP100. Because GM200 is already a gaming focused chip, I would say this time around, the delta will be potentially less than the 680 vs 580 comparison.
GP104 full ~Titan X + 20% is a good result on a small chip with the power savings.