There are a lot of crappy PSUs out there that claim they can deliver 550 Watts, but there is always a catch. 550 Watts could be the peak output that it can only sustain for a short period of time and the continuous rating is much lower. The PSU could be 550 Watts but only delivers half of that on the +12V rail where most of your power consumption is while the other half is split between +3.3V or +5V rails that hardly use any power on modern systems.
I've tried looking up your PSU but I can't say for sure what you have without an exact model. The HEC Cougar PSUs apparently should offer the power they advertise. One possible problem you may be having is the models I've seen from my Google search have multiple +12V rails, and it's possible that you are overloading one of them by connecting both your CPU and both of your GPU connectors to the same rail. If you have alternate power connectors for your GPU, you may want to try them and see if that helps, assuming your PSU has multiple +12V rails, it will say so on the label attached to the side of the PSU.
You could also have a defective unit that simply craps out when it gets put under heavy load, in which case it may be time to RMA it.