This clearly explains why they didn't go with Steamroller. Area would have been slightly larger, multicore perf would have been slightly lower and power consumption slightly higher (assuming 50% higher clocked Steamroller). Streamroller's shared floating point / vector unit is a liability in code that stresses all cores (esp in games as float & vector code is common). Also Steamroller's turbo doesn't help at all if all cores are taxed all the time. On PC desktops & laptops Steamroller would obviously be a better choice than Jaguar as it has higher single core IPC + turbo.
Part of the speculation is sourced from a claimed Steamroller-based prior version of the PS4 APU, the area would have been something known in advance and seemingly acceptable at the time of the leaked design.
Whether Steamroller would have dialed back its clocks to only 50% above Jaguar is unclear. The lowest Kaveri SKUs started at a ~100% higher clock for their base. (edit: Correction, that was for the desktop SKUs. Mobile SKUs constrained to 35W and below had a lower base)
The FPU was shared, but was capable of broader issue with a 2xFMA and 1xMMX versus the FADD and FMUL pipe for Jaguar, which probably made the tradeoff less clear-cut. Perhaps specific profiles show where contention might hurt the FPU, although in Intel vs AMD comparisons it was usually decently utilized within its significantly lower theoretical peak.
There was also a downgrade in the throughput for the uncore's memory interconnect with the switch to Jaguar, so the switch seems to have come with some downsides if the concern is overall system throughput and GPU performance.
Jaguar was also supposed to have turbo as well, and that wouldn't be fully in place until Puma+ bug fixed it. The comparison would be with a big core that had turbo that chose not to use it since it clocked 2x as high at base versus a core that lost a significant architectural feature.
Perhaps after some time it became clear that Steamroller would not meet its power numbers, the schedule slipped, or there was some form of technical issue or architectural bugs.
Jaguar made it to market ahead of the consoles, whereas Kaveri's launch was later (and Kaveri's APU compute capabilities are a much closer mirror to the PS4's than any standard Jaguar).
GF's unimpressive manufacturing performance and issues with odd regressions in the Bulldozer line are also known issues.