The 5.2 TF 5500 XT is about as fast as the 6.2 TF RX 580. So isn't it expected that a 4 TF RDNA 2 part will come in slower than a 6 TF GCN one? According to AMD there was only a 1.25X improvement in IPC from GCN to RDNA 1, and any IPC improvements in RDNA 2 were linked to the Infinity Cache, which the consoles lack.
You also can’t forget memory bandwidth, One X has 44% higher throughput. When targeting 4K-ish res I’d expect that to play a role, despite the architecture advantages. Which probably explains why we see generally lower res on the Series S (that, and the reduced memory size as well).