That’s a good point and revealed that I conflated battery capacity with source-able/usable power. You are correct (as far as I am aware as well) that you cannot use a lithium ion/polymer based battery chemistry and have between 4.75 and 5.25 volts output.
Thinking about it some more, the battery packs seem to represent a special case where the function of the device is to provide power and, as per your point about squeezing out maximum power, we probably need to have two separate power ratings: one for the battery and one for the usable output.