Well the hope is that RDNA4 fixes a lot of the inefficiencies of RDNA3, so you could do performative clockspeeds at 4nm with semi-reasonable power draw. RTX4080 is a ~400mm² GPU on 4nm, and while it's rated at 320w, that could easily be lowered to ~250w without hurting its general competitiveness much. But that might have helped clue people in that AD103 wasn't actually a high end part....Maybe they didn't have enough time to prepare it. I'd also expect the chiplet part would be 3nm. 400mm² 3nm monolithic die could be quite expensive, while 400mm² 4nm monolithic die would have quite a high power consumption (lowering clocks would hurt performance = lower margins). I believe they found a better way how to utilize the available manufacturing capacities, so the used them that way.
Either way, if AMD wants to do anything meaningful here, they're gonna need to stop being so margin-obsessed. Pushing out clocks to scrounge an extra 3-5% performance to get it closer to some higher tier Nvidia competitor so they can charge as much as possible will just mean lackluster reviews and lower sales.