The situation can be confusing because of how motherboard manufacturers may enable unrestricted thermal mode on the i9-9900k, which is different from how a PC manufacturer configures a "turnkey" air-cooled general-purpose machine.
It appears that some motherboard mfgs may enable unrestricted thermal mode by default. However that's just the mobo, not the entire system. Any comparison of the i9 iMac is to an air-cooled business-class PC from a major manufacturer, not to some motherboard on a test bench.
Unlike a motherboard or self-built PC, a mainstream manufacturer like Dell or HP must support the entire PC. Dell alone ships 10 *million* desktop PCs per year. They don't put a Noctua NH-D15 in their business-class air-cooled PCs. They don't want service calls or warranty claims because they shipped i9-9900k air-cooled machines with unrestricted thermal mode enabled and then somebody ran Prime95 AVX (or equivalent app) for two days.
What the i9-9900k *chip* is capable of vs what a PC manufacturer ships are two different things. To my knowledge most PC mfgs do not ship air-cooled i9-9900k business-class machines in unrestricted thermal mode, just like they don't ship them overclocked.
You can definitely buy a boutique PC configured like that and the mfg will support it. E.g, Digital Storm sells a liquid-cooled i9-9900k PC with all cores at 5.1Ghz, and they support that. It costs $4,353: https://www.digitalstorm.com/configurator.asp?id=2074086
The proper comparison to the i9 iMac is a machine like the Puget Systems Spirit. They have an i9-9900k config equipped with a Noctua NH-U12S, and with a 27" monitor it is about $3,200, not too different from a similarly-equipped i9 iMac. It's a good machine from a great company and it has a nice big air cooler -- but it does not ship in unrestricted thermal mode, just like the i9 iMac does not: http://puget.systems/go/150380
But WHERE on the Intel spec sheet lists this? I don’t see their designs state a 4.7Ghz minimum clock speed or a TDP higher than 95w. Therefore, Apple’s iMac is performing within the design specs of 95w TDP, minimum 3.6 GHz (from our tests it’s sustaining at 3.8 GHz). As stated, turbo boost was always meant to be a bonus, not a guarantee otherwise Intel should change it where the i9 would have a minimum clock speed of 4.7 GHz instead. And require a higher TDP than 95 w. Since this isn’t the case, the iMac is performing within the specs of the processor that Intel set.