You are absolutely wrong on this and it's not even close, not one bit. The RX480 has very little headroom, and it's lackluster overall performance has nothing to do with being bandwidth constrained.
https://www.techpowerup.com/reviews/ASUS/RX_480_STRIX_OC/26.html
13% memory overclock and a 7% overclock above the reference model equals....a 6% increase in performance. 13% memory overclock is 9040mhz, only 10.6% off current GDDR5X speeds. If it was bandwidth constrained, it would have scaled higher than 6% with a 13% memory overclock and 7% core overclock.
Everyone kept saying wait for AIB custom cards, it'll overclock much better with more power delivery. But that is being proven false right now and will continue to be proven false as more AIB custom card reviews trickle in. RX 480 is an overclocking dud, every bit as bad as Fiji was. Lets stop wishing and pretending it will magically grow wings.