Typically, a Pentium 75 can easily overclock to 90mhz. Also, a lot of them have the FDIV bug that's more commonly associated with the 60 and 66mhz Socket 4 chips (I'm not sure exactly when the FDIV bug was fixed but it seems if the chip lacks a gold heat spreader, it's new enough to not have said bug).
Whatever the case, I think the main reason for the sluggishness of that particular chip comes down to the 50mhz bus speed on top of the fact most computers that the chip was shipped with typically had crap hard drives and other components.
The Gateway P75 tower I used to own featured an Intel motherboard (I think a Plato) and I'm pretty sure there was an L2 cache though it was probably on the smaller side. To date, that, an IBM Server 95 and a ThinkPad 755CD are the only computers I have experience with that had a 75mhz Pentium.