Electrical engineer, but don't see anything wrong with this!? Ehhh I'm doubtful on your "experience" if you don't understand the relation to the size of the heatsinks, the larger power supply, and the higher clock speeds, and how you need to up the power to get there, which produces heat. Its a very simple concept, yet hard for many to understand apparently.
Or is it that Sony decided to waste more money on precious metals, over engineer a cooling solution, etc? Let's look at Nvidia RTX 30XX series for instance. They can draw more power than 20XX cards, and have upped the size of their heatsinks. I wonder why?! I don't have to know the voltages, resistances, current being used, quality of caps, etc, to understand that the ps5 will draw more current from the wall. Any electrical engineer or casual consumer could come to that conclusion by looking at the writings on the wall and using basic logic.
I literally work on amplifiers, more specifically their power supplies. Do you know why bigger amplifiers, have bigger heatsinks/chassis? To dissipate more heat, because they make more heat.