The PCI SIG is way underrated.
Connector, wire gauge and wire insulation temperature rating actually define what kind of load entire cable can sustain.
E.g 16 AWG wire with 105C insulation temp rating can sustain up to 11A.
18 AWG wire with 105C insulation temp rating can sustain up to 10A.
But drop the insulation temp rating to 80C and you'd get;
16 AWG wire sustaining 10A
18 AWG wire sustaining 6A
PCI-E 6-pin and 8-pin plastic connectors with two circuits in it are rated for 9A per circuit. And when cable has three circuits in it, then 8A per circuit.
So, while the individual wire can sustain more (e.g 16 AWG with 105C insulation = 132W per wire or 396W with 3 circuits in it, e.g 8-pin PCI-E), the plastic connector in the end is actually the limiting factor. Since plastic connector can sustain 8A per circuit in 3 circuit configuration, making it ( 8x3x12= ) 288W.
Jargon aside;
6-pin PCI-E, 16 AWG, 105C insulation = 264W per cable
6-pin PCI-E, 16 AWG, 80C insulation = 240W per cable
6-pin PCI-E, 18 AWG, 105C insulation = 240W per cable
6-pin PCI-E, 18 AWG, 80C insulation = 144W per cable
8-pin PCI-E, 16 AWG, 105C insulation = 396W per cable
8-pin PCI-E, 16 AWG, 80C insulation = 360W per cable
8-pin PCI-E, 18 AWG, 105C insulation = 360W per cable
8-pin PCI-E, 18 AWG, 80C insulation = 216W per cable
6-pin PCI-E plastic connector (2 circuits in it) = 216W
8-pin PCI-E plastic connector (3 circuits in it) = 288W
While the cable itself can sustain more, the entire PCI-E power cable is held back by the plastic connector at the end of it.
But PCI-SIG has to play it safe and it has the ratings of;
6-pin PCI-E cable = 75W
8-pin PCI-E cable = 150W
Look at the cables that come with 2X6+2 pin connectors on one cable they still only have 3 +12v wires coming from the PSU connection.
Those PCI-E cables that have two 6-pin or two 8-pin connectors per cable, are still able to sustain what the plastic connector is rated for on the cable's end (namely on PSU side).
E.g plug in one of the 6-pin connectors and you can get up to 216W. Plug in both 6-pin connectors on the same cable, and you still get 216W combined between the two, since 216W is what the connector on PSU side is able to sustain. Push it more and the plastic connector melts. (Or when the wires are 18 AWG with 80C insulation, then wire insulation melts once the load surpasses 144W per cable.)