Confused about the newish Combat Power stat.

Returning player here, I've noticed everyone only cares about CP now, mines at 394k and my ilvl is 4500ish, but I seem to have 20-40k less CP than other people who are similar or lower iLvl and progression to me when I inspect them.

So what am I missing? Outside of leveling up the new pets, I'm pretty sure I've progressed as far in every other thing I can, daeva board, skills/stigma, genus insight etc.