Sure, but the product of (units) times (military technologies) can be much higher.
Now, for a quick approximation, we group by era:
ANCIENT: 26 = 4+2+2+2+6+2+8
CLASS: 42 = 6+4+10+10+4+4+4
MEDE: 16 = 8+8
REN: 46 = 4+6+12+12+12
INDUS: 46 = 6+8+4+8+10+10
MOD: 51 = 8+10+5+4+10+10+4
FUTURE: 5 = 5
MEDE is missing engineering, optics, feudalism, civil service, and maybe divine right as possible sources of iPower.
In any case, we take the above, and we map the starting "iPower to Real Power" ratio at each era, and the best at the end, and we might be able to come up with an algorithm to make your technological iPower matter!
Spoiler :
GUILDS: 8
WHEEL: 4
SAILING: 2
MATHEMATICS: 6
ALPHABET: 4
ASTRONOMY: 4
CHEMISTRY: 6
COMBUSTION: 6
FISSION: 8
FLIGHT: 8
ADV FLIGHT: 10
COMPOSITES: 5
STEALTH: 5
HUNTING: 2
MINING: 2
ARCHERY: 6
HUSBANDRY: 2
BRONZE: 8
HORSES: 10
IRON: 10
METAL CASTING: 4
COMPASS: 4
CONSTRUCTION: 4
MACHINERY: 8
GUNPOWDER: 12
MILITARY SCIENCE: 12
RIFLING: 12
STEEL: 4
ASSEMBLY LINE: 8
ARTILLERY: 10
INDUSTRIALISM: 10
RADIO: 4
LASER: 10
ROCKETRY: 10
SATALLITES: 4
WHEEL: 4
SAILING: 2
MATHEMATICS: 6
ALPHABET: 4
ASTRONOMY: 4
CHEMISTRY: 6
COMBUSTION: 6
FISSION: 8
FLIGHT: 8
ADV FLIGHT: 10
COMPOSITES: 5
STEALTH: 5
HUNTING: 2
MINING: 2
ARCHERY: 6
HUSBANDRY: 2
BRONZE: 8
HORSES: 10
IRON: 10
METAL CASTING: 4
COMPASS: 4
CONSTRUCTION: 4
MACHINERY: 8
GUNPOWDER: 12
MILITARY SCIENCE: 12
RIFLING: 12
STEEL: 4
ASSEMBLY LINE: 8
ARTILLERY: 10
INDUSTRIALISM: 10
RADIO: 4
LASER: 10
ROCKETRY: 10
SATALLITES: 4
Now, for a quick approximation, we group by era:
ANCIENT: 26 = 4+2+2+2+6+2+8
CLASS: 42 = 6+4+10+10+4+4+4
MEDE: 16 = 8+8
REN: 46 = 4+6+12+12+12
INDUS: 46 = 6+8+4+8+10+10
MOD: 51 = 8+10+5+4+10+10+4
FUTURE: 5 = 5
MEDE is missing engineering, optics, feudalism, civil service, and maybe divine right as possible sources of iPower.
In any case, we take the above, and we map the starting "iPower to Real Power" ratio at each era, and the best at the end, and we might be able to come up with an algorithm to make your technological iPower matter!
The game developers clearly made the power count to reflect not only the standing army, but also the possibilities that a empire have of raising a army and the defensive possibilities it has . It might not be that faithful in reflecting that reality ( I would love to see a power count that would also consider geographical issues, like bottlenecks.... but that would be probably too much ), but the idea is clearly seeable. and we have also to consider that what you are proposing may even hurt the AI ( imagine: I have a army of mostly low grade units and i want to attack a AI without being me firing the first shot. Then I piss that AI to the extreme until that AI DOWs me. In the next turns I whip, $rush and/or draft as much as I can and sudently I become more powerful than them and take the ofensive.... this already happens with the current settings, but it would be far worse if the power count only reflected the standing army ).