Oversizing is fine, especially for overclockers. However, the question of size goes back to
1. Usage pattern.
2. Maximum peak power usage by system (system power draw)
1. Most typical users use their machines for more than gaming, which is the most intensive task for most people (except dedicated coin miners and people don't run HPC servers at home right? Nor are there folders, SETI, and whatnot participants in SG).
However, people don't game all the time and a significant amount of time is spent browsing the web, where the typical power draw is ~100W (less for non-overclocked Intel machines). This means that for a significant part of the time, the PSU is operating at the low end of the PSU efficiency curve. The bigger the PSU, the further off at the end you are. The PSU efficiency question is no longer clear cut for the maximum load to be at 50-60% of rated wattage.
2. There are a whole lot of arguments on this. Even Intel stated that the best way is to measure it off the wall (and then account for PSU efficiency, see Intel's white paper on this). Of course, this does not mean a $20 kill-a-watt but a >$100 industrial grade meter (oscilloscopes are overkill except for reviewers).
Killawatt accuracy (and many other threads):
Kill-A-Watt accuracy test - jonnyGURU Forums
Yeah, take your kill-a-watt readings with a grain of salt because they can be wrong.
So how do PSU calculators work? Mostly by using TDP numbers. However, given the silicon lottery, the TDP given by AMD and Intel are all actually cap values, not even for each specific model, let alone each specific piece of silicon. Power draw of CPUs tend to be lower anyway due to lack of applications that can fully load all cores (outside of power viri)
Another point is this, not all software (esp. games) can induce maximum draws. Even stress testing synthetic loads using IBT, P95, OCCT, etc can result in somewhat different maximum power draws. Games usually do not draw as much power as synthetic workloads, nor do so for the entire gaming period.
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I read OCN, [H], AT, and JG. I don't think the guys who do PSU reviews can get that wrong, especially those on JG.