As others have said TDP is *thermal* power. In theory a chip could draw 300w *electrical power* and only dissipate 100w thermally (heat is after all just wasted energy). It's all down to the type of transistor used, the design of the chip and so on.
As an FX 8320 owner- I can tell you to keep this thing cool, at stock settings, I've had to under volt it and switch to a closed loop water cooler (just to stop it thermal throttling under load). That is supposedly a 125w chip that can be kept cool with an air cooler (how?!).
On the other hand we can see Ryzen behaves itself using a 95w Wraith air cooler, so long as the clock speeds for all cores are kept below about 3.8ghz.
I think that suggests Ryzen is very *thermally efficient design* (anecdotally people like @jdwii have noted how cool it runs), however TDP has nothing to do with *electrical efficiency* which is a different metric. I understand that TDP and EDP are fairly directly linked it's worth keeping in mind that one a proportion of the other, and the factor that differentiates the two can and will be different between designs. Given that Ryzen is built on what is essentially a mobile process- and the issues that phone and tablet manufacturers have in keeping the modern parts cool (the 'tSkin' temp AMD was going on about with some of their tablet oriented offerings a while back), well I think it makes sense that Ryzen is a more thermally efficient design in terms of power used vs heat generated.
TL,DR; a Ryzen 7 1700 can to my mind only generate around 65w of *thermal energy* and still consume 100+ w of electrical energy. I don't think AMD's measurements are necessarily wrong and everything we are seeing suggests Ryzen runs cooler than equivalent Intel parts- albeit at similar electrical power consumption.