AMD claims a significant improvement in memory latency though, which is concordant with their large gains in gaming workloads (a 20 % general-purpose-throughput-oriented IPC increase alone would never give you a 20 % FPS increase in games).
It's purely speculation but I suspect the cache size was limited by yield concerns rather than timing constraints. It looks like the 5600X has 1mb less cache so they probably engineered a way to disable faulty sections of the cache on a 1mb granularity.
Edit: My speculation's wrong. The cache difference between the 5700X and the 5600X is due to core count differences. It's the sum of the various cache sizes, and I misread the slide.
Is this true even for games that are CPU-bound? When I play MS Flight Simulator, enable the Dev toolbar, and look at the framerate monitor, it tells me that it's spending 20 ms of CPU time per frame, which causes my framerate to cap at 50 fps. A 20% increase in IPC would theoretically bring the frame time to 16.67 ms, giving me a cap of 60 fps.
Reviews/benchmarks of Flight Simulator by e.g. Gamers Nexus show that Flight Simulator is heavily CPU limited, running on a single CPU thread.