There is at resolutions where you don't need it. See also the Fury X with HBM. At 1080p and 1440p it was rubbish, some 20% slower than the 980ti. HBM did absolutely nothing for it.
The only resolutions you need it for are 4k and beyond. Resolutions which are so demanding that by the time you need the memory bandwidth it's too late. Showing Star Wars at 60 FPS doesn't count. What is going to happen when you load up Deus Ex? or Mafia III?
I just think it's AMD again looking too far into the future for what the market does not need now. See also - 8 core CPUs years ago, HBM but only 4gb etc etc. They constantly seem to keep taking gambles on predicting what the market will want and being wrong.
They need to do what Nvidia did. Stop chucking the kitchen sink at the problem because that is hot and pricey, and worst of all will gain you crap clock speeds. Cut the cores back, clock them to all hell and worry about 4k later.
Ever since Fermi Nvidia have been kicking AMD all over the place. From Kepler on they reduced the crap, upped the clocks and the rest has been history.