No, it is not. The only bottlenecks for AMD GPUs are always clocks, and Memory bandwidth.
If AMD can solve this, and clock their GPUs properly they will have equally good GPUs as Nvidia's. And that is BEFORE even architectural changes to their GPUs. If they could add architectural changes: more Geometry registered/culled, SIMDs doing more work with each cycle, etc the performance increase can be more than just simple nodeshrink/more ALUs approach.
This is incredible over simplification of a problem.
Increasing memory bandwidth and clock speeds would improve near any architecture linearly.
By this logic Pentium 4 could have become a good architecture if Intel hit their original clocking goals.
The problem that AMD and Intel both encountered is power consumption and an exponential increase for the increasing clocks further. This on top of having less headroom than Nvidia in terms of clocks.
What made Maxwell such a big deal was that it increased clocks while decreasing power consumption, on the same node while also increasing core occupancy which increased its performance per tflop. It also improved efficiency in terms of bandwidth usage.
Producing an all encompassing improvement is easier said than done. AMD has had 3 shots at producing such a change with FIJI, Polaris and Vega but they have not.
What is more important than noticing obvious problems(or in this case obvious improvements that can improve architectures), it's developing solutions that solve these problems. This is where Nvidia has delivered consistently in recent years.
E.g Fermi was inefficient and had high power consumption.
Kepler fixed the inefficiency. New problem recognized, bad performance in games which used hardware accelerated global illumination(these are the games where kepler losses to Maxwell the most).
Maxwell employs hardware global illumination, while changing the cache structure, SM layout, adds memory compression to improve performance, efficiency. New problem is Nvidia lacks async, and can fall behind in some directx 12 title.
Pascal doesn't fix the async issue but because maxwell is so ahead in the first place, it simply brings its tflops to near parity with AMD because of efficiency advantage. Not a long term solution but good enough for now since most games uses directx 11 and AMD efficiency woes due to stagnation with GCN. Async still an issue and FP16 may be valuable for future gaming performance. Another potential weakness is AMD freesync and the cost advantage it brings.
Turing addresses async and FP16 issues, curing the directx 12 woes. Develops drivers to deliver freesync on Nvidia cards. Current weaknesses, GPU are too large, RTX benefit and die cost are questionable.
Post turing, address die size with 7nm, potentially produce more cards like GTX 1660 ti without RTX if adoption of RTX does not pan out, etc.
This is what has allowed Nvidia to widen the gap against AMD. That is they recognize problems and are able to deliver long term solutions to problems. This in terms of business is a matter of execution strength that AMD lacks perhaps because of budget or leadership.
AMD current problem AMD needs to fix.
Improve memory compression to prevent reliance on HBM2.
HBM2 costs make it only practical in professional market as any price drops on GPU kill margins.
Day 1 driver performance.
Inefficiency Vs Nvidia due to having to clock cards closer to limits to have competitive performance.
Inconsistent silicon quality which causes AMD to apply higher voltage to increase yields.
Loud coolers.
How many of these problems existed since day 1 of GCN and still have not been fixed?
This is the difference between Nvidia and AMD. Nvidia is able to recognize a weakness and correct it(Directx 12 performance, efficiency, freesync). AMD on the other hand still has problems with silicon consistency which results in overvolts, problems with day 1 driver performance, loud coolers on their flagships, having to clock cards closer to their end limit which hurts efficiency. AMD solutions have mostly been short terms like HBM2(margins + die yield effects) or getting to a node first in the case of Vega 20. They need to employ more dramatic architectural changes that deliver universal improvements like Nvidia, unlike the GCN improvement that show a specialized improvement in games here and there(I.e not cherry picked scenarios like world war Z). Maxwell improvements across the board, Turing improved directx 12 performance across the board.
If AMD only solution to increase performance across the board is increasing clocks and memory bandwidth when their cards show weakness in terms of clocks and efficiency and HBM2 cost woes are getting worse(HBM2 is much more expensive than HBM1), it's time for a new solution.