Thank you for taking the time to dig into this and for the detailed explanation — I appreciate the effort, especially running your own test rig with concurrent workloads.
That said, I don't think the "insufficient heat" explanation accounts for what I'm actually observing, and I'd like to push back on a couple of points with data rather than supposition.
1. Sustained temps after thermal settling are well within headroom — not "too cool to trigger," and not "too hot either"
This isn't something I'm inferring — I have screenshots and powermetrics/Stats.app readings throughout the Steel Nomad Stress Test. Early in the run, GPU clusters did spike to 100-101°C during the initial burst. But after the first thermal throttling event, the system settles into a stable state around 65-73°C (GPU and CPU performance cores alike) for the remainder of the 20-loop test — and it stays there, fans still clearly audible at a sustained high RPM, not idling down.
That stable 65-73°C range is the part that doesn't fit the "not enough heat" explanation. It's well below thermal limits (nowhere near the 100°C+ seen briefly at the start), there's clearly still headroom, and the fans are still working hard to hold it there — yet powermetrics Combined Power stays flat in the 27-30W range for the entire stable period. If heat were the gating factor, I'd expect to see power increase to use the available thermal headroom, not plateau well below it while the fans keep working. In other words, the machine isn't "too cool to enter High Power Mode" (fans are maxed, it clearly already passed through a hot phase) — it's stabilizing itself at a power/temp point that's far short of both the historical 44W figure and the 100°C limit, despite available cooling capacity.
2. The "synthetic benchmarks don't generate enough heat/IO" theory doesn't hold up against third-party data
Notebookcheck's launch review of this exact model used the same benchmark (3DMark Steel Nomad Stress Test) and reported a sustained Combined Power of ~44W and a stabilized score of ~3600+. That's the same synthetic, GPU/CPU-bound, low-storage-IO workload you're describing as insufficient to trigger High Power Mode. If your theory (heat from storage I/O is the real trigger) were correct, Notebookcheck's environment running the identical test should also have failed to reach High Power Mode — yet they measured a sustained power level I cannot reach even with fans maxed out and GPU temps above 95°C.
3. The actual question
So the core issue isn't "the machine won't get hot enough to engage High Power Mode" — by the metrics available to me, it clearly passes through a hot phase and then settles into a stable, moderate temperature (65-73°C) with fans still running hard, well short of the thermal ceiling. The question is why a machine sitting comfortably below its thermal limit, with active cooling clearly still engaged, sustains only ~27–30W instead of the ~44W reported for the same model/test at launch. Separately, I also confirmed using a different title (NTE) that switching the Power Mode setting does change total system power (Automatic ~37–40W vs. High Power ~55–57W), so the setting clearly does something — it's just unclear whether what "High Power" maps to today is the same power ceiling that existed at launch.
I'm not trying to argue this is necessarily a bug rather than an intentional change (e.g., a response to the battery drain issues some reviewers flagged at launch) — but "the workload isn't generating enough heat" doesn't seem to fit the thermal data I'm seeing on my end. Happy to share the raw powermetrics logs and screenshots if that would help narrow this down further.