I think there is nothing wrong. Iray takes advantage of your graphics fairly well.
Unfortunately Mental Ray has been going in a wrong direction since it has been acquired by NVidia. In my opinion, NVidia tried to make the renderer more bound to graphics card power so that the users will be forced invest more on gpus. But I guess nothing went as planned. They have finally announced Final Gathering as deprecated and photon mapping has long been gone. They have introduced the gpu based GI next as new GI engine. It is easy to setup and image quality is superb, but it is unusably slow on even the Kepler based cards which are not that old. Using CPU is absolutely out of question.
Forcing the users to a renderer which imposes the use of Gpus and gpus only would have a negative effect on 3ds Max's popularity because, in order to use the software with the bundled renderer you'd have to invest considerable amount of money on graphics cards, too. I believe that is a rational reason to expel MRay from 3ds Max. Furthermore one card is never enough. Iray creates images of stunning quality but you'll need more horsepower. Always more... Cryptocurrency mining drained graphic card stocks and cards became very expensive. Not only one time sale price, but the power usage of cards is another handicap. Your power bill will be considerably high if you have 3 GTX cards and render 24/7.
Be it known that final gathering is no longer usable, it works but you can never get satisfying results. High FG values take endlessly long to render and image still has artifacts. Values change from scene to scene and it causes the adjustments to become a pain.
As one of the loyal enthusiastic users of Mental Ray, I'm so upset to say that I feel a necessity to switch to a more reliable and efficient renderer. Mental Ray no longer fits into that description. So does Iray. You can render a car or a few objects but when you have extremely complex scenes like arch work, with large maps, you run out of gpu memory and all your gpu investment becomes in vain. Furthermore it doesn't recognize certain maps.
You make several adjustments for Iray, assign materials and at one point it doesn't let you move on for some reason and you have to make all the assignments from scratch. That is not acceptable.