The hype was delivered with Polaris. Ok maybe not entirely the reference, but with custom cards it definitely was. And this proven by how many people are buying them. Before Amazon stopped preorders, the 480x(nitro OC) was the #1 seller on Amz for i think it was 3 days with the reference 8GB version being at #8. That's a lot of hype delivered. In fact I think every new card out besides the 1060, has delivered on it's hype so far.
And also, what exactly is the 480 behind in competition with? They consume more power sure, but it's still very little. You're taking it out of context. Yes they are behind but even then it's not that much more. Now looking at performance between it and the 1060, yes in DX11 more often than not the 480 is slower, but in many games it's about a 5% difference. A 5% difference but at the cost of the 1060 costing anywhere from $30-70 more(in the US). That is not worth a 5% performance benefit. And once you get into Vulkan/DX12, you get way more out of the 480 and it leaves the 1060 in the dust. So in context for what it is, I think they are actually ahead of the competition and especially for the long term. I'm not blindly praising AMD here, as I know they are behind in power consumption and slight DX11 performance, but looking at how it is right now, the 480 is a better buy.