The MCM approach means that the connecting chiplets need transistors for extra communication links that wouldn't otherwise need to be there.
Even though the CUs didn't increase a lot, they each are now capable of executing two FP operations per cycle. This isn't always possible or useful, but the raw compute power did increase.
They probably threw in some more RT stuff as well. Again, not always useful, but it does increase the transistors.
Look at the amount of transistors N31 has!
RDNA3 based GPU with the same specs need only 20% more transistors.
Navi 23 -> 11.06B transistor with 237mm2 die size using 7nm process.
Navi 33 -> 13.3B transistor with 204mm2 die size using 6nm process.
Navi 21 -> 26.8B transistor with 520mm2 die size using 7nm process.
The same RDNA3 based GPU should have 26.8*1.2 = 32.16B transistors.
N31 has 45.7B transistors in GCD and another 6*2.05B = 12.3B transistors in MCDs for a total of 58B transistors.
This GCD alone has 42% more transistors than a 80CU, 256bit, 128ROP, 128MB IC RDNA3 based GPU.
This GCD alone has 14.5% more transistors than 3x N33 combined, If I compared the whole N31 then It would have 45% more transistors than 3x N33 combined while having the same specs.
N31 has a ridiculous amount of transistors for Its specs, why? You can't say It's because of MCM or that N31 WGPs have 50% more registers. The latter needs just a few hundred million transistors more and for the former, If It really needed so much transistors and die space then It's simply worthless.
I do wonder what they would have done with memory and cache had it clocked higher at 355W because it does seem like it needs more bandwidth as you approach 3 GHz core speeds. Makes me wonder if that is where the 3d stacked rumours came from, a design that would have been built if it clocked higher but was not needed because it wasn't needed.
N31 has 66.7% higher BW.
That should be enough for 66.7% higher TFLOPs or 20% more CU + 39% higher clocks than RX 6950XT.
N31 can be clocked at 3.2GHz and have enough BW to feed It. Yeah, I know I excluded Dual-issue capability, but It's not important when N33 has only 3% higher BW compared to N23.