Interconnect is expensive.
Seriously. A Pentium IV was 40M transistors. A Ryzen V 2000 has around 5 billion transistors. It could fit 100 Pentium IV cores if desired.
That's not desired -- those transistors are better spent bumping up IPC a little bit -- but we can have a perfectly adequate processor at 1% of a modern CPU.
Pentium IV single-core performance is almost identical to a modern entry-level netbook processor:
https://cpu.userbenchmark.com/Compare/Intel-Pentium-4-300GHz...