No, it's Bulldozer. AMD was promising higher performance than what the reviews show. I think they where hoping to improve their drivers considerably in this last month. But they didn't. Or we will have to accept that their marketing numbers where best case scenarios close to the border of being lies. Zen 1 was a new architecture that was offering tremendous IPC gains over Bulldozer(which probably was the easy part), while also incorporating a first step into chiplet design. Zen 1 was a clear jump into the future.
Here we have an architecture that probably fails to be utilized at it's full potential. Like what we where seeing with Bulldozer. As you say, if they have shrunk RDNA2 they might where getting better results. The same was true back when Bulldozer came out. Me and others where thinking that a 32nm Phenom III with 8 cores could have been a better product than Bulldozer.
It would have been priced OK if it was clearly beating RTX 4080. Nvidia only has to drop RTX 4080's price by $200 and RX 7900XTX is DOA at $1000. Or release RTX 4070 Ti at $800 and see that card beating RX models in RT performance. People will go that direction.
Damn, 2 years of Nvidia monopoly and Intel coming to bite AMD from behind. At least they will be selling plenty of APUs.