It was always like this ... MadVR will upscale by DPI setting (in your case by 175%) ... you can see this in MadVR OSD
Then something else (MC? ... Windows?) downscales befire output.
I dont think its just software reporting ... image is defenitely being scaled by MadVR - GPU utilization goes up by a lot.
This has been discussed before ... but most ppl say modern GPU is powerful enough to do this ... as i have walk around for this, i did not press on the issue ... at the time it was more important for me to get SSA/ASS subtitles implemented ... which it was
EDIT: not sure if this is jyst MC ... or other players using MadVR (MPCHC or VLC) are doing this too ... as i had no time to test
EDIT2: this might also be reason Theatre View is experiencing high GPU use for some users
On my system (nvidia 1070... with DPI bypassed for MC) ... 2160p23 Theatre View is nornally using around 8% of gpu ... on 2160p60 use is around 9% ... in both cases ocassionally hitting around 24% use
EDIT3: tried turning off my DPI bypass for MC ... funny thing happens ... at 175% DPI , MadVR does not scale ... at 125% DPI, MadVR scales ... some funky logic here ... GPU dependant? ... driver dependant? ... MC dependant?