Solved by @MI-XC!
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OP is not alone. I experienced something similar to this on a flat segment a couple of months ago. Other rider who I passed (I looked him up on Fly-bys) had lower power for higher speed, but was fully decked out with TT gear; yes I was using clip-on aero bars & have the stem slammed but I’m on the endurance-oriented Orbea Avant H30-D from 2022, with Bontrager all-weather tyres on stock wheels & fairly standard sort of cycle kit. Similarly a triathlete friend who’s bigger than me said his setup (Tri bike, rear disc wheel, front ~60mm) gave him 47kph around a track at 315w. At that power I’m barely cracking 40kph, despite being smaller. Massive difference. It gives me a ballpark figure on the payback for optimisations.