I don't think it would be possible to limit the performance due to a weaker PSU. If the PSU is being overdrawn, it would be overheating and/or reseting (ie:rebooting, crashes, etc).
If you had a kill-a-watt meter (I have one, very handy and not expensive at all) you could see what the actual pull at the wall is with the meter, and see if you're overloading it. You don't spec the rest of your system, but in general, using the least efficient setup:
130w AMD CPU
290w average R9-290x
50w MOBO
50w drives/fans
530w total. You have about 100w of headroom, which while not the best (150-200w would put you in the efficiency sweet spot), it is more than enough assuming that you're not overclocked. If you are overclocking, then my rough numbers aren't going to be close because power use goes up exponentially (as does heat).
So - I agree that it's unlikely that you're underpowered and the PSU is causing the problems. How about just your regular system design? What -can- cause FPS slowdowns is the GPU getting too warm and throttling. Check your airflow design and make sure that you're not having the fans work against each other.
An easy way to test THAT is simple: Take all the sides off your case, aim a fan at your system, and run the benchmarks. If it goes faster, you have a heat/throttling problem.