RTX 3090 not using full power SW Power Cap listed as reason

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I have a rtx 3090 ventus 3x OC and I am unable to use the full power of the card. My cpu is a Ryzen 5900x, my motherboard is the ASUS TUF Gaming X570-Plus (Wi-Fi), and I have 64GB G.Skill 3200mhz ddr4 ram. The entire system is watercooled and the gpu temps never hit above 40C and the gpu vram temps stay around 50C. The issue I am facing is that no matter what type of workload I try to use, the gpu never goes above 320 watts even though its rated for 350. The PSU I am using is rated for 1000 watts so that should not be the issue. Also when I run nvidia-smi -q the reason for throttling is listed as “SW Power Cap”. I have tried setting the max power draw to 350 but that doesn’t affect the issue. The issue persists on both the official and open source drivers. I have tried multiple different benchmarks/games and the gpu consistently stays below 320 watts. It can’t be a temperature issue as the gpu is watercooled and the temps on the core and the vram never gets above 50C. I have no clue what could be causing this.