Pentium was an entirely different thing that thing potentially supported enormous clock speeds. Compare the AMD CPU which stayed architectureally mostly the same. They had a quite steady increase in clock speed over all process nodes. Check out the actual released CPUs of the last years and what overclocking freaks got from them. I think saying we have been stuck just below 4Ghz is a bit of a misinterpretation. Mainstream 65 was about 2.4 Ghz, 45 was around 3Ghz, 32 3.4. If you check out the CPU list on notebookcheck sorted by TDP or process your theory isn't well supported by data. Pentium doesn't count it is the oddball.
Maximum Overclocks went from 4 to 5 then 7 Ghz and now we are at around 8 something Ghz. A magical 4 Ghz ceiling doesn't exist I think.
Even if there was, I'd expect some TDP downgrades that maybe move the lower end quads to 35. Kill of the 55W TDP bucket and make the 45W the new highend. There is just no sign of the supposed 2 node jump till now. What became of all the promises of 22nm TriGate. You have to admit what is known till now is underwhelming. I expected more than a Penryn like shrink but that is what it is now.
I never said 4GHz can't be achieved, I simply said it's the point where power consumption goes up exponentially. Below 4GHz, the increase is linear like the graph I linked shows. Heck, for decades the performance increase was solely based on frequency increases, so yes, we have seen an increase in clock speeds. However, what we haven't seen is +4GHz in mainstream parts.
The only logical explanation is that silicon doesn't operate at its ideal frequency at over 4GHz. Yes, you can make it vibrate at higher frequency but your performance/power ratio won't be as good, and that's what consumer chips are all about. We've been stuck at 3.7-3.9GHz for years, and we should have gone past this point years ago if the frequency/power graph was totally linear and every die shrink helped.