I've got a 2080 ti FTW 3 with a hydrocopper water block and it's been running fine for weeks now. Precision x1 has been functioning properly, reading between 280w-380w when gaming. The last few days I noticed a few random spikes where it would read like 500w or 800w. When gaming today it was functioning fine and now it's constantly spiking over 800w. That is obviously not the power draw, it's still pulling normal wattage according to my UPS wattage monitor. What could be causing this? 

Gotta love software readings. If you want more reliable readings you take hardware readings with a multimeter. 

Some times when running more than one piece of monitoring software anomalies in readings can happen. Choose the one that you trust the most or experiment to see which seems to give the most solid reading and stick with it.

I have a 2080Ti Kingpin and I have a somewhat similar problem. When the Kingpin card is not in the first slot (either as only card or with other cards) the OLED display (and X1) shows 800W idle and 900+ when loaded (folding). This strange behavior occurs on both kind of recent hardware (Z170 Classified) and an ancient (X58 4 way SLI Classified) motherboard. I sent in screenshots to EVGA a couple of months ago but have not heard anything back from them. The card works fine (folding 24x7 for the last few months) with temps in the low 40s (wall wattage is 900-1000 for a mix of 980Ti, 1070Ti, 1080 and 20180Ti Hybrid GPUs when loaded) so the misreporting of power is purely cosmetic. In my case the problem with the Kingpin card is always with multiple GPUs installed.