moores law just predicts a doubling of transistor count. That's all, and that's holding reasonably true.
The answer is because at high frequencies more power is consumed, and so what has been happening is a better usage of the power consumed, so a modern 3-4Ghz is easily twice as powerful as a Pentium IV 3-4Ghz. The Ghz are irrelevant, an amd at 3.5 performs differently to an intel at 3.5.