Because Ryzen doesn't work the way traditional CPUs do in regards to power curves and boost/turbo.
Instead of saying "This CPU runs at this frequency at this power", AMD says "The CPU is given this much power. We guarantee it will run this fast (base clock), but it may go higher, power and thermals permitting".
This gets you power graphs that look like these;
Notice how when the used core count goes up, the clocks reduce on each thread which helps reduce the overall package power. AMD can throw in 33% more cores and sacrifice only 3% clock speed at the same power due to where the cores are on the efficiency curve. A core at 4450Mhz draws 18.3w, but a core at 3875Mhz draws just 7.25w! In EPYC and Threadripper, cores in the mid-2Ghz draw just three watts.
Additionally, as you can see, low-thread workloads don't even come close to approaching the total power budget. Between binning for better cores and simply having more to pick from, the higher core count parts also get a small low thread frequency advantage.
The lower core count parts are given the same power window as the higher core parts to allow them to clock up higher at their given core counts, but it largely makes little difference in the real world as most Ryzen CPUs are already tuned pretty close to their maximum out the gate, which is why you see little to no difference between the 3600 (65w) and 3600X (95w) or the 3700X (65w) and 3800X (105w). Part of this is why AMD introduced "Eco" mode, where you could chose to lower your higher TDP chip to the power window of their lower TDP counterparts.
PBO, in comparison, is an extension of these same power limits. If you were to increase the 3900X's power window beyond 140w, the CPU would then use that extra overhead (temps allowing) to start clocking higher in multithread workloads where you would otherwise hit your cap.
TL;DR, because Ryzen is already beyond the peak of it's efficiency curve out the box and has started scaling the wall, and because you can easily change the performance and draw of your chip just by adding better cooling and changing your PPT (power window). TDP doesn't really mean anything anymore.
Any additional OCing or undervolting you do is just modifying the existing p-states, which you can now do per CCX, but undervolting on it's own may open up more performance just by opening up more PPT.