I can't say I know the exact reason to Nvidia's low performance in DX12, but this is what I do know.
With DX9-11, the firmware calls were handled by the driver. Nvidia, being Nvidia, developed their own drivers to handle the API calls, and utilize their hardware architecture at a higher degree than AMD. Nvidia, designed their software first, than the hardware came a long exploiting the software capabilities. DX has a standard, and hardware can be designed around this standard so that all API calls look like a firmware call. Nvidia went the route of translating all API calls to their firmware. As we saw with just about each generation of Nvidia cards, they excelled above AMD. Now the game has changed. The API can perform firmware calls without the need of a driver (we are close to no driver needed). This makes it harder for Nvidia to translate API calls to its hardware architecture. Since Nvidia hardware is not designed around the DX spec to the 'T', Nvidia must spend clock cycles on translation and optimization.
On the other hand AMD has always designed hardware to spec. If you read a lot of industry news, AMD is a leader in spec design and contribution. One of the main reasons DX11 to DX12 and OPENGL to Vulkan has been such a smooth transition is due to Mantel. It helped designers start to work without a driver and work with API calls to firmware. AMD also started to add in DX12 capabilities in their R9 200 series GPUs (because of Mantel). AMD being almost all hardware and no software is a huge win for them in this current API generation. They will probably continue to lead for a bit longer until Nvidia comes back with a new architecture.
Now don't come back showing 1080 beating Fury X and saying I'm wrong. You throw enough power into any machine, and it will still outperform a more optimized, slower machine. Arguably, I would say wait for Fury X2 vs 1080/Titan.
My point to this post, and my last, is that the game has changed under the hood. To consumers, it looks like normal business except that they are being forced to upgrade for the first time. Hardware has been leading the computer industry for a long time, and software has lacked a lot of exploit power. New software packages are coming out to exploit the hardware we have had for years. Its a new era, and its going to be a good one.