Your PSU is fine .... I have two water cooled Asus 780 DCII's and your experiences mirror my own.... I have done better with the newer MSI 780s air cooled on other builds. One question though, when you say 1175, I assume you are talking boost clock, not base core clock as 1175 would be a way extreme 36% OC. That would be one helluva accomplishment on an air or even water cooled build, without modding the voltage control more than is allowed by the DCII series.
Here's what I see when running Unigine Valley ....
Unigine Valley shows 1410 MHz
GPU Shark Shows 1251 Mhz
GPU_Z shows 1231 MHz
But those are all boost clocks. The base core clock setting I am using now for stability in all games is 1071 because, while all the benches and other games are fine up well past 1100, BF4 crashes anywhere from 15 minutes to 2 hours in at higher settings. Same with memory, at 7200-7440 was stable in benchmarks but BF4 gets cranky at over 6800. I don't even play the danged game, my son does

. In the benchmarks like Valley, my temps never break 39C .... Furmark can make them hit 44C at max 850 rpm on the fans (39C at 1200 rpm).
The thing is this:
1. nVidia has placed heavier and heavier legal and physical design restrictions on the cards the with each generation making it harder and harder for individuals to distinguish themselves. 38mV is really a very small increment
2. As such many vendors have oft (i.e 780 Ti) not even opted to use custom PCBs and their offerings have equaled and even in some cases (MSI 780 Ti) outperformed competing vendor's cards.
3. Even water cooling a card has had ever diminishing performance gains with each generation. As I said above, air cooled builds I have been involved with since building by SLI water coooled 780 build have equaled or slightly exceeded my results.
4. Both CPUs and GPUs (well nVidia ones anyway) are getting more efficient such that cooling is not the "wall" so much anymore..... it is more of a voltage thing and as discussed abve, nVidia has put the clamps on here. I see a max VDDC of 1.086 while running Furmark. That +0.38v is merely 3.5% of that.
5. Different utilities as shown above report different results, even versions of GPU_z report different results at the same settings .... while GPU shark was reporting 1.086, when using GPU_Z, I never saw above 1.0
6. You can download custom BIOSs for the DCII's which will give you much more voltage boost .... however, while users have reported that they get much higher OC's, what I have not seen is a corresponding increase in actual benchmark or gaming performance.