That's not a bug. A rMBP needs roughly 20w to hit 3.1ghz turbo speed (as tested with my rMBP 5257u). Roughly 14w at 2.8ghz according to IPG is to be expected. Just because it's a core m doesn't mean it can magically turbo up to high speeds without using more power. Look at how the temperature spikes when comparing the m3 and m7. The m7 goes from right under 40c to 80c in the same (or less) amount of time the m3 goes from just under 40c to 60c, that's double the temperature delta from idle! The m7 is clearly using a whole lot more power than the m3.
Huh. I knew that it could use more power for the spikes, but 100% more than TDP? That actually seems like a poor trade-off; ~40% more speed for 100% more power consumption.