Assuming the wire manufacturer didn't lie, the gauge rating is all you need to know for basic capacity purposes. It is perfectly ok to increase a wire rating by improving the insulation jacket or using more but smaller strands or whatever. As long as it still safely carries the same current as a solid copper wire of that gauge (rated in open air), it is still legitimately that gauge.
What I think has happened, however, is a reduction in extra margin on the wires used in many applications. As Kevin notes, the high cost of copper was inspired engineers to calculate the ampacity required very closely and to specify wires with "just enough" capacity. That is bound to catch up with Do-It-Yourself modifications that do not take amp loads into account.