Feklar
Is this accurate? I've noticed something like this. I hope this isn't the case.
Read bmgjet's explanation. It seems to be the case for cards that utilize uP9511 controller. Here's my 3080 XC3 Ultra, heavily undervolted so I don't hit the power limit a lot but the two load peaks are Timespy Extreme GT1/GT2 tests. The green lines (PerfCap Pwr) was seen when 8-pin #2 hits 150W, even though the card's power limit is maxed out the board power draw doesn't hit 366W. My #1 gets to ~130W max so its always #2 causing the Pwr limit to trigger before the card can hit its board power limit.
The other thing is that the PCIe slot draw can cause problems - if you look at the slot voltage there is a drop under load - in my case it goes from 12.2/12.3V to 11.9/12.0V but in other readings I've seen shared like from a 3090 FTW3, it can drop to 11.7V and such.