I think it should first try to force GPU to work on 100% and only if that is not enough then render 36fps with projection. don't you think?
Kiiind of...
Thing is, as you yourself demonstrate comprehending right in what I quoted above, and as others write: "Asynchronous Space Warp", unlike "Asynchronous Time Warp", is not asynchronous at all (always wondered why it inaccurately got to inherit that word from its older sibling TLA).
When it kicks rendering down to half rate, and begins to extrapolate the in-between, -unrendered frames, the entire portion of freed-up resources in excess of what it takes to render frames at the now reduced rate, of course go "fallow", which leaves us with that conspicuous underutilisation; And given the discrete 1/2 step-down, they need to anew suffice to render at the full 100% (perhaps even with a prudent bit of "safety margin" on top), before you can step it back up again -- otherwise it will immediately miss the next frame deadline, just after returning to 72 -- therefore kick right back down again, before even getting back up to speed, and then untenably alternate rapidly between the two states.
If one want to make the most use of one's hardware, one should disable ASW, or equivalents (personally I find their frame synthesis hideous anyway), and "suffer" letting the much more primitive reprojection of ATW (or equivalents) alone take care of the reprojection of the more interspersed missed frames, -as well as the actually rendered, but mistimed ones, that you get when letting your machine try to keep up at its own pace. (EDIT: Should one for whatever reason prefer to live with ASW and its 1/2 frame rate at all times, without leaving any GPU cycles unused: Crank up those graphics quality settings).
(There are also a small number of games that dynamically change their resolution (...and/or other graphics setting that affect how long it takes to render a frame) up and down on the fly, sacrificing quality during moments of heavy load, in order to maintain consistent full framerate, and increasing it when it can afford it -- noteably, most of Valve's VR titles do this.)
Having written all that: I have no idea what could be the cause of your actual underutilisation, beyond the part influence on it incurred by the above - sorry. :7