Hm, I don't really know anything about anything really, but seems likely from a strictly layperson's perspective there's no any single cause of vega's power draw. Would scheduling really account for a hundred watts increase in dissipation? You'd have to have the world's most overengineered scheduler to hit such numbers methinks. (Also comparatively most underperforming one, seeing as vega at a much bigger die doesn't perform a whole lot better than GF1080, or even any better at all in certain titles.)
My analysis - for what it's worth:
NV/Jen Hsun said several years ago now (kepler era maybe?) that moving around data in a GPU costs more power than doing calculations on said data. He also said around pascal's release (prolly the reveal conference) that they'd taken a lot of care in laying out the chip/routing data flow, or words to that effect. Spared no expense, most likely (or very little anyhow - as pascal reportedly cost a billion buckaroos IIRC to develop.)
We know AMD doesn't have billions and billions to spend, and what money they do have must be shared with console SoC and x86 CPU divisions. They've also had issues hiring and retaining highly qualified staff, and from what I've read here and other places, laying out modern microchips is very difficult work, perhaps amongst the most difficult? As a result, doesn't it seem chances are fairly high that vega isn't nearly as efficiently laid out as it could have been, and that much power is spent/lost just on shuffling bits around the die? Hardware units themselves might also be comparatively inefficiently designed compared to NV's chips.
Anyway, I was quite prepared for vega being a power-hungry mother. I've been using RX 290X and 390X cards for years already, they're quite hoggy as it is. I don't really care about power, to be honest. It's not as important to me as raw performance, features and overall capabilities. On that front, vega does pretty well, I like that it seems to be the first fully DX12 capable chip ever. It's also a fast chip in absolute terms, even though it is not the fastest (or even consistently faster than GF1080). Price/performance might be hella dodgy though if the "stealth" price increase ends up being the new status quo from now on.
From pre-release numbers of the ASUS Strix board, this will be the new measuring stock for vega. Forget the default AMD OEM blower cards - they've always sucked really bad. (Well, err...) The Strix is noticeably faster, way quieter and runs around 10C cooler, even though it sometimes seem to draw even more power.
Nobody should settle for anything less.