[SOLVED] Is my motherboard VRM bottlenecking my CPU?

Dec 28, 2020
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Just finished a new build with a i7 9700k, RTX 3060ti, 16GB DDR4-2666, 650w Cooler Master PSU and a Gigabyte B360 AORUS Gaming 3 wifi mobo. CPU being cooled by a Cooler Master ml240mm. Everything seemed to be working fine until I tried playing games. Was getting around 30 fps with the Ultra preset in Cyberpunk.
View: https://imgur.com/a/w9hE2lI

I realized that the CPU was only drawing around 50 watts which is just a little bit over half the CPUs 95w TDP. What is going on? I am starting to think 7 power phases isn't enough for the 9700k. Is the VRM not able to deliver enough power to the CPU or is there something else wrong?