A big die shrink like that would be helpful but I think that Ryzen suffers from other architectural limitations.
Ryzen has a clock speed ceiling of roughly 4.2Ghz. It's difficult to get it past there regardless of your cooling method.
Also, Ryzen experiences nasty latency when data is being shared over the Infinity Fabric. Highly threaded work loads are being artificially limited when passing between dies.
Lastly, the Ryzen's IPC lags behind Intel's a little bit. Coupled with the relatively low clock speed ceiling, Ryzen isn't the most ideal CPU for gaming (it holds up well in higher resolutions to be fair).
Threadripper and Ryzen only look as good as they do because Intel hasn't focused on improving their desktop chips in the last few years. Imagine if Ivy Bridge wasn't a minor upgrade. If Haswell, Broadwell, Skylake, and Kabylake weren't tiny 5% improvements. What if Skylake X wasn't a concentrated fiery inferno? Zen wouldn't be a big deal if all of Intel's latest chips were as impressive as the Core 2 Duo was back in 2006.
AMD has done an amazing job transitioning from crappy Bulldozer to Zen. They're in a position to really put the hurt on Intel but they can't lose the momentum they've built. If AMD were to address all of these problems in their next architecture update, they would really have a monster on their hands.