It was an algorithmic/lock scaling limit. Originally it was single threaded, then when it was first multi-threaded it scaled up to 4 threads. Then I split up some locks and it scaled to 8 threads (depending). Then I rewrote the LRU and now reads mostly scale linearly and writes don't. If there's enough interest we'll make writes scale better.

Partly this is because the software is so old that the thread scalability tends to track how many CPU's people actually have.