What does competitive on power mean to you? Do you think they are aware what MS is doing when they design their chip? They design their own chip around certain parameters. These include die size, price point, TDP and form factor.
When Sony designed it, and if they are to release Oberon the way it was leaked, they must have thought its gonna be hard to top it (and it will). From the leak they pushed the clocks extra hard, went for narrow bus for smaller die but fastest chips available. What could MS do to counter this if they are shooting for same price point? Not much, if anything. Its very definition of pushing the boundaries of console design, and its considerably further then they gone with PS4 or Pro. Even PS3 would come behind if TDP is concerned...
And X has 50% advantage over PS4Pro in terms of TF yet no one bats an eye. People will say it came 1 year earlier, but it used same 16nm process and same Polaris building block, therefore Sony could have built PS4Pro like MS did with X even in 2016. Obviously, there was more to it then "hurr dur its not enough TF". There is price and BC consideration which Sony thought was more important then pushing clocks and CUs up for 1-2TF more.