I'm not an electric motor engineer (although I am an engineer, in case it wasn't obvious...), so someone that is more expert than me may chime in to correct me, but much of the power drop off at higher motor speeds is due to back EMF (voltage induced in the motor by it spinning in an electromagnetic field...basically it becomes a generator even though you don't want it to) reduces the effective voltage delivered to the motor, and that causes a commensurate drop in available torque. And because power is proportional to torque * motor speed, power drops off too. It's more complicated than that, since these are pretty advanced motors, and the rear motor and the front motor on the dual motor Model 3s are different types, but I think that covers the gist of it.
Found this, which helps, but I am still not crystal clear on the matter: Electric Cars Are About to Get a Lot Faster and Go a Lot Further on a Charge