Umhh...you're looking at the end result ( CPU performance ) and blaming only one factor that contributes to that performance : process.
Alongside process, performance and performance/watt is dependent on architecture and circuit design.
I really doubt BD is perfect uarch and implementation wise and only the process is to blame. If we would have someone from GF here, I'm sure he'd say not so nice things about AMD competence in CPU design.
Agree or not but the main problem is the process tech. Nobody said that BD is perfect uarch anyway.
If you don't believe it then just take a look at Llano CPU cores. Despite of the 32nm process it can't reach the previous very similar uarch clocks even with overclocking.
At this moment the scaling of 32nm is worse than the latest 45nm one.
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Fixing the manufacturing process is only half the story as others have said. Bulldozer is tweaked for the current state 32nm is in, getting improvements will require a new stepping/revision. There is a new stepping coming apparently so these "fixes" should be there as well.
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