I've wondered that myself. Perhaps something happens with the performance of Clays that Hodgdon gave it a lower maximum charge.
By the data, Clays is considerably faster than Bullseye.....and in my own results in metallics. For example, 4 grains Clays gets about 750 fps with a 230 lead bullet of the Lee 2R persuasion. Bullseye is nowhere close to that with the same charge. Clays works out to be about a slight tick faster than Red Dot, which therefore begs the question, why doesn't it have the higher velocities that Red Dot is allowed in the 45 ACP?
Lyman goes to 4.3 grains Clays with the 452374 roundnose for a claimed 818 fps, so this is low end ball velocity and could be considered standard power duplication. Hornady has printed data for Clays that exceeds Hodgdon's data with the lighter bullets.
Clays is a fine niche powder; but due to the lack of higher velocity performance in sanctioned loads (for whatever reason that I certainly don't know about?) Red Dot gets the nod from me over Clays as an all around powder in the 45 ACP for all bullet weights up to 230 grains. Sometimes a single powder in the hopper for the progressive press is an advantage, and I often shoot standard power loads.
If you need less than full power loads, Clays is very fine.